Changes to physical gold redemption



  • Lone_StarrLone_Starr Posts: 104 Bronze ✭✭✭
    @RocketDog right now a person with a holding account can get 100 gram bars of gold, roughly 3 ozs. I believe that is the smallest amount currently available.

  • GoldIsCurrencyGoldIsCurrency Posts: 1,820 Gold ✭✭✭✭✭
    edited December 2017
    @Geezy I still have a Personal Account. I haven't upgraded to Holding account after reading Equifax requirements and jumping through hoops. Doesn't make it attractive to me at this point. At least for Personal accounts you can still redeem 10 gram cubes the same as always, I just went through the menu selection and it works fine for Personal Accounts.

    I tried sending an email to Investors Relations 1 week ago (referencing this thread) with my concern as an investor I would like to see the 10 gram cubes as an offering for Holding accounts the way it should be. One of the reasons why I bought shares of Goldmoney was their mission to make physical gold available to everyone. That is the whole reason why they created the offering of 10 gram gold cubes.

    From your recent post I see the three line comment that you possibly could redeem it yourself but experience an error, while others have mentioned that the minimum is 100 grams. I never received a response from Investors Relations. I am left without really knowing if Holding Accounts can redeem 10 gram cubes or not? One would think if you still can then possibly a customer service representative should be a little more attentive to your needs and help to resolve.

    There was a time when I felt helpful to this community in being able to answer questions. At this point the business has changed quite a bit and not all of their reference documents have been updated. I question why I see documents that still reference "bitgold". I think the management team should be putting serious effort into hiring adequate employee's. I have a feeling too much is on the management team's plate. I have a very high level of respect for the founders of this company. I personally think Roy is the most intelligent human being I have ever met. I love the mission of Goldmoney, but a business is only as good as it's weakest link which I have come to the conclusion is customer service. When I read this community board I question where is the focus on offering the best customer service? This community board is on their domain. Why isn't anyone from Goldmoney's customer service staff stepping in and helping out? Disappointing.

    I gave it my best. I even considered redeeming the cubes myself to then ship them on to you. Let's face it, that is a band-aid approach and not a logical solution. I am sorry I am not of better help. Kindest regards.
  • Lone_StarrLone_Starr Posts: 104 Bronze ✭✭✭
    @GoldIsCurrency I agree with all of that.

    Goldmoney sure has changed from when I signed up last year. I think the biggest challenge for me has been changing my understanding of what Goldmoney is. When I signed up there was a lot of talk about GM being a payment platform similar to Paypal. I was really excited about them becoming the "gold paypal" because of the line of business I'm in. There was an aura of excitement because of all the possibilities for the future. In reality, Goldmoney is just a savings account and there is nothing wrong with that. I use to use Goldmoney as a way to put money towards Gold every day and then cash out physical when it got to a certain amount. Now I just buy my physical from other companies. When the holding account became available I decided to jump 100% in and let go of my personal account. (You'll also have to get a new user name (Tex) for the community when you do that). For the past couple months I have been trying to figure out how Goldmoney fits my needs and goals.

    I agree that the guys running GM are smart and good with money management but they are weak when it comes to customer service. Like a brilliant Doctor who has no bedside manner. I've been very vocal about this weakness because I think Goldmoney is better than that. They really should invest money in the service of their customers. It is the best investment a business like this can make. Service service service.

    I agree the website is still wrong in many places. ie the front page says:

    Precious metals are redeemable in bullion bars at vaults and Goldmoney Branches, or in a selection of coins and bars that can be shipped to clients via Schiff Gold.

    I'm still trading usd for gold on this platform but I will never recommend it to another friend or family member until I feel that service has improved. Hopefully 2018 will bring greater functionality to the platform and the top notch customer service Goldmoney should be known for.
  • GeezyGeezy Posts: 8 Tin ✭
    I really appreciate all your help guys, and goldmoney has reached out. Unfortunately they just couldn’t offer any solution for me. Man it would be so easy for someone from goldmoney to just ship me some cubes. They just won’t. I am also a new investor in XAUMF. It is such a great concept I just hope they can get some customer service before someone else takes gm great ideas and runs with them. Thanks again all
  • GLDGLD Posts: 49 Copper ✭✭
    Well ... as of today (2 feb 2018) if i were to redeem ~2oz (60g of cubes) of gold threw GM .... $3271cdn(54.51/g). Threw my favorite Canadian dealer with free shipping of Maples (62.2g) ...$3400cdn (54.66/g). So GM still seems a better alternative for most of us in the lower half of Canada by about $5 per oz .
  • aleithiaaleithia Posts: 6 Tin ✭
    so I haven't used since last year, but just purchased but instead of shipping option in automatically placed in new York vault....I can't figure out online how do I get the to ship it? I don't want them to hold it in a do I do this? or where is the customer service number to call,? because the website is terrible.
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