Over a month later, no gold shipment. Unanswered queries to customer service. Feels fraudulent...

amatamat Tin ✭Posts: 3 Tin ✭
Over a month ago, I placed an order for some gold products to be shipped to me. My account was debited about $4000. I was told to expect a shipping statement within 2 business days. I have received no such notice. Since then, I have sent numerous requests for updates to Goldmoney, many of which have gone unanswered. Those that have been answered are vague, stating in essence that there is a delay.

I find this unacceptable for a number of reasons. 1. Fundamentally, you have taken my money and given nothing in return. This violates a core tenet of any business. 2. The customer service arm of this company is either understaffed or deliberately unresponsive. Either way, a customer is left without support. 3. For a company whose business is gold, delays such as this seem contrary to your mission, and I would hope are viewed with embarrassment on Goldmoney's end.

All I ask is that my gold be shipped.

My experience with Goldmoney is, to this point, very negative, and I do not plan to use the service again, once I receive my gold shipment.

I expect a reply ASAP, as my last three communications have been unanswered.

I will be posting this to the community forum, as well, in hopes that someone replies there.

Not sure if this matters to Goldmoney at this point, but I will certainly share my experience with friends and peers so they can avoid my fate.
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Comments

  • nienie Bronze ✭✭✭ Posts: 135 Bronze ✭✭✭
    Did you call them?
  • amatamat Tin ✭ Posts: 3 Tin ✭
    I would really like to call them, but I can't find a phone number listed anywhere on their site. If you have one, please provide!

    All links to customer service just pull up a email form to submit queries
  • nienie Bronze ✭✭✭ Posts: 135 Bronze ✭✭✭


    This is what you get after the login on the first site. You're welcome. :)
  • mr1mr1 Silver ✭✭✭✭ Posts: 375 Silver ✭✭✭✭
    > @nie said:
    > This is what you get after the login on the first site. You're welcome. :)

    I'm assuming @amat is using an old personal account and those still do not list any phone number for support.
  • amatamat Tin ✭ Posts: 3 Tin ✭
    @mr1 yes, that is true--I'm using a personal account; thank you @nie for the information.

    Of note, I send the email query ATTN: Richard, senior relationship manager, who promptly replied stating the issue has been resolved.
  • JayJayJayJay Tin ✭ Posts: 23 Tin ✭
    Goldmoney isn't meant for getting physical metals. It's meant for moving ownership of metals. Yes you can get physical metals but the business model of the company is 100% towards moving ownership online via internet. You metals in the vault but you can move the ownership around using blockchain technology. Very convenient but still with a lot of risk due to being in the online internet world. Don't store all your wealth here. Spread them out. Have some physical cash and some physical metals in your hands too. I just buy around $15 in metals a day with goldmoney if nothing happens with the economy and metal prices at the end of year I just sell and withdraw cash instantly.
  • GoldmattersGoldmatters Admin Posts: 4,028 Admin
    Candidly I agree with much of what @JayJay is saying here.

    To be clear, I am saying this in terms of how I personally frame my thinking on the best way to use Goldmoney, NOT as a response to the original poster here, which is a seperate issue.

    Purchasing physical metal via the internet isnt really a new thing, but doing it incrementally in private storage vaults with professional security was not very readily available for the average person prior to Goldmoney.

    As far as risk... personally I don’t find it particularly risky vs say... a long term CD in a local bank. With Goldmoney gold, you have audits and assurances to at least know the gold is there.

    In contrast, as a thought experiment, imagine you had a $5 million check to deposit into your local bank for a Certificate of Deposit for 5 years.

    Think your bank has a Wells Fargo wagon rushing to town with pallets of cash to keep gathering dust for 5 years?

    You never hear anyone ask the question of the bank after making a deposit “Is the cash really there?”

    Because you just know that it isn’t.


    PS:

    Free like to anyone who can tell me how cash the FDIC has vs. total deposits

    PPS:

    I think Jayjay has an awesome strategy to just continue to DCA into gold every day, which would be very difficult to do in any other way than through a service such as Goldmoney


  • nienie Bronze ✭✭✭ Posts: 135 Bronze ✭✭✭
    One more thing to add: In contrast to nearly every other bank, Goldmoney has no debt. This is a huge plus.
  • artsharkartshark Tin ✭ Posts: 11 Tin ✭
    Hi Amat... I posted almost the same complaint under another heading..."WHERE CAN WE GET ANSWERS ABOUT GOLD REDEMPTIONS". I think many here are missing the point that this company sells itself on "PHYSICAL OWNERSHIP AND DELIVERY OF METALS" I too put in a redemption on JAN 21 2019. My request was for $15,000 worth. AS of today there has been NOTHING done. People need to understand that we are desperately trying get our own money back (albeit in metal form)...with the support team doing very little to help. The objective here for me was to have a SAFE AND EASY way to store my wealth and reedeem it in cash or physical whenever I saw fit to do so. THIS IS NOT THE CASE!!! If the GM team can't get a grasp on shipping a few gold coins now...(almost 5 weeks)... I seriously doubt that when we actually have some stress in the system, that anything will function with the GM sphere. EVERYTHING IS EASY AT GOLDMONEY....UNTIL ITS NOT!!! I just caution all new investors to realize what it is you are getting into. READ the fine print about no insurance and what happens in Bankruptcy. When the SHTF in our society...and you want your gold.. but can't get to it....REMEMBER THIS POST !!! (just my opinion)
  • artsharkartshark Tin ✭ Posts: 11 Tin ✭
    One more thing Amat... You say that It " feels fraudulent" and I agree with you. There are MANY more people with similar problems that don't have a clue where to go or what to do. If you read the fine print again..on the GOLDMONEY site..United States customers do have some protection with the" FINANCIAL CRIMES ENFORCEMENT NETWORK". It really shouldn't come to something so drastic, however, in my case, I will wait another week for shipment and then file the paperwork. If enough people perceive this to be a" financial crime" .... The Enforcement agency...Auditors..and
    senior vip's at GM will get our message!! (just my opinion)
  • RocketDogRocketDog Silver ✭✭✭✭ Posts: 782 Silver ✭✭✭✭
    I have had the problem of delayed shipments before. I know how frustrating it is. Partly because we are expecting a very valuable shipment to be coming in a few days. So we plan carefully to be home when the delivery truck arrives to provide signature and to immediately safeguard our package. But then it doesn't come. The problem is that when Goldmoney cannot immediately fulfill an order, they do not inform the customer of the delay. Which is all that is needed to keep us from panicking. But they just don't. I think they lack the mechanism in their business process to do so. (One would think this would not be a difficult problem to solve, however. Make a freaking process to deal with notification on unfulfilled orders...) And because Personal Accounts have no live contact, you go batty wondering what is wrong. I finally made a call and got some support and information, but was told my shipment would be delayed longer. Then surprisingly, a package showed up at my home the next day, when I wasn't there and wasn't expecting it. This is equally frustrating.

    In the end, I have always received my shipments from Goldmoney. But 40% of them have been delayed with no notification. One time I waited over a month for delivery. I don't think Goldmoney is fraudulent. I think they are doing a bad job of delivering physical gold, some of the time.

    As far as SHTF scenarios. You need to have your gold in hand before the SHTF. Cause once SHTF I am not sure we can depend on package delivery to be happening reliably at all.
  • artsharkartshark Tin ✭ Posts: 11 Tin ✭
    Thanks RocketDog....Its great to hear others have been through this. Still, 35 days and counting seems really excessive. Again thanks for your reply.
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