You can now redeem physical sovereign coins and bullion products at 1% over spot... BitGold

GoldIsCurrencyGoldIsCurrency Posts: 1,808 Gold ✭✭✭✭✭
edited February 2016 in About Gold
Looks like BitGold has has expanded their offerings to users. Now under the redeem tab you can not only select their gold cubes or gold bars but now you can also redeem some of your gold as sovereign coins. Same offering as gold cubes, 1% above spot. An amazing offering from BitGold for those that love to collect coins!!!

As I tabbed through I see a variety of different Gold coins. I also now see a 10 ounce Gold bar along with some offerings of silver coins and silver bars. I am seriously wow'ed right now by these NEW offerings. Go BitGold!!




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Comments

  • solargoldsolargold Posts: 115 Copper ✭✭
    This is great news! Unfortunately, this doesn't show up as an option to me...

    To BitGold admins: in which countries will this be available?
  • MelanieMelanie Posts: 1,045 Gold ✭✭✭✭✭
    @solargold Try refreshing! They are available everywhere. These options have not yet been added to the app, so make sure you check it out on the desktop version! :)
  • GoldIsCurrencyGoldIsCurrency Posts: 1,808 Gold ✭✭✭✭✭
    @Melanie Loving the new BitGold offerings! So happy with the 10 ounce gold bar offering in particular. Awesome addition to this platform! Thanks, BitGold has just made my Friday! :)
  • solargoldsolargold Posts: 115 Copper ✭✭
    @Melanie

    I did refresh, and also signed in two different browsers, but no luck. Maybe is taking some time to roll out across the platform?
  • powslayerpowslayer Posts: 118 Bronze ✭✭✭
    wow! is that ever cool :D The shipping is higher than I would like but it does not go up with the size of the order it seems. So that will give me incentive to save up and place one big order instead of multiple small orders. Great job Bitgold team!
  • powslayerpowslayer Posts: 118 Bronze ✭✭✭
    @solargold when you go to redeem click on the gold cubes as a redemption when the cubes come up there is an arrow beside them you can then scroll through all the options Including silver!
  • 79Au19779Au197 Posts: 4,047 Gold ✭✭✭✭✭
    edited February 2016
    @melanie @BigD

    Woo Hoo <3 <3 <3 <3

    This made my day. Thank you @Darrell @Roy Sebag @Josh Crumb !!!!!

    Reading between the lines … does this suggest a one-time run of the GoldCubes? I better get some just in case - they might become collector's items.

    B)
  • GoldIsCurrencyGoldIsCurrency Posts: 1,808 Gold ✭✭✭✭✭
    edited February 2016
    @powslayer They are offering a significant discount. I compared some of the prices of coin dealers on the internet and I am seeing significant savings. For example I compared the 1oz Canadian Gold leaf coin and I am seeing savings of $50+ dollars. It sure will be hard to beat BitGold's 1% above spot offering on these new redemption offerings. The "hold gold" buyers are going to be impressed!
  • 79Au19779Au197 Posts: 4,047 Gold ✭✭✭✭✭
    edited February 2016
  • UvasUvas Posts: 680 Silver ✭✭✭✭
    Wow!!! This is awesome :)

    I was hoping for something like this
  • UvasUvas Posts: 680 Silver ✭✭✭✭
    Three cheers for BitGold!!!!

    <3 <3 <3
  • 79Au19779Au197 Posts: 4,047 Gold ✭✭✭✭✭
    @BigD

    You can have your (Bit)Gold and hold it too.
  • GoldfingerGoldfinger Posts: 128 Copper ✭✭
    I don't get it..$82.00 shipping and a $26.00 redemption fee for a coin that I can pick up at my local coin shop?
  • rohanibuang61rohanibuang61 Posts: 2,379 Gold ✭✭✭✭✭
    @Goldfinger hope BitGold can evaluate few alternatives for a cheaper shipping cost like Fedex, EMS and so on to reduce the cost burden incurred by members.
  • golden_grgolden_gr Posts: 664 Bronze ✭✭✭
    Really great news @BigD , but i have to agree with @Goldfinger ,shipping cost and redemption fee are too high!
    @Melanie i wondering if someone lives in Europe (like me), have also must pay import taxes?
    I'm asking because if i buy some gold (bars or coins) from any country in E.U. (European Union) it's tax free.
  • powslayerpowslayer Posts: 118 Bronze ✭✭✭
    125 dollars shipping for me. Im in BC Canada
  • golden_grgolden_gr Posts: 664 Bronze ✭✭✭
  • golden_grgolden_gr Posts: 664 Bronze ✭✭✭
    solargold said:

    This is great news! Unfortunately, this doesn't show up as an option to me...

    To BitGold admins: in which countries will this be available?

    Same problem here! :(
  • solargoldsolargold Posts: 115 Copper ✭✭
    @powslayer thanks for pointing that out!
    @golden_gr see @powslayer 's post above
  • solargoldsolargold Posts: 115 Copper ✭✭
    edited February 2016
    @BigD wrote 1% over spot, but I don't see that (rather the price of the coins is between 12% and 39% higher than the BitGold Gram Price for the Canadian Maple Leaf, 0.05oz and 1oz, respectively).

    But the BitGold price, including the redemption fee, is very competitively priced compared to what I see coin merchants charging (e.g. $1220 USD from BitGold for a 1oz Canadian Maple Leaf vs $1243 USD as one example, at time of post).

    However most of those merchants offer lower shipping costs (and actually free to continental USA). So this is where BitGold could hopefully improve.

    The shipping costs have actually gone up substantially for gold cubes. There used to be a support article (no longer available) outlining a $8 to $60 CAD shipping cost for gold cubes (to Canada). Now the system for me is showing a flat fee of $138 CAD for almost any quantity (from one gold cube to fourteen 10z bars), which for a gold cube means an increase of 1725%.

    On the one hand, you can have 4 entire 1kg gold bars shipped to you for $138 CAD, which is pretty decent.
    On the other hand, it's no longer economic to redeem small quantities unfortunately. To ship a $525 CAD item for $138 CAD is simply cost prohibitive to the point that that it makes no sense.

    Considering also that one can buy an expensive piece of equipment of similar value (e.g. a laptop) and ship it for free from a merchant also points to the revised shipping system not set up for small amounts. This however, defeats one of the premises of BitGold of being able to redeem small amounts of physical gold.
  • GoldIsCurrencyGoldIsCurrency Posts: 1,808 Gold ✭✭✭✭✭
    edited February 2016
    @solargold I saw a tweet on Friday that said "You can now redeem physical sovereign coins and bullion products at 1% over spot" which doesn't appear to be correct at least from the way I read that as I do see the price discrepancy too. It appears maybe I confused the tweet and maybe it meant you can now redeem your gold holdings at 1% over spot in order to purchase gold coins but not necessarily are the gold coins priced at 1% over spot. I apologize for my confusion with the tweet I saw. I thought to myself at the time how could BitGold offer sovereign coins for the same as gold bars? The coins do cost more than spot price however I am seeing a significant discount compared to online coin dealers.

    It appears shipping costs vary and I presume shipping is based on where you live compared to the location of the vault. The shipping costs when I put through an order come to $82.28 CAD regardless if I put through an order for just one 10gram cube or a 100 ounce silver bar. It does seem rather odd to me that the shipping costs are the same for significantly different weights. I don't know what to think about that.
  • 79Au19779Au197 Posts: 4,047 Gold ✭✭✭✭✭
    edited February 2016
    Shipping in the US "appears" to be free



    Note that the date stamp has NOT been fixed in the shopping cart page. It is correct in the previous screen.


  • 79Au19779Au197 Posts: 4,047 Gold ✭✭✭✭✭
    Unless it couldn't calculate shipping because it didn't have the right shipping address.
  • solargoldsolargold Posts: 115 Copper ✭✭
    edited February 2016
    @79Au197
    Your shipping cost is likely in error. I outline further here:
    http://community.bitgold.com/discussion/654/pick-up-option-for-bitgold-10g-cubes

    Notwithstanding your shipping information error, the cost to ship to continental USA may in fact be much cheaper than Canada, since I see that the partnership is with Dillion Gage, a Texas-based company.
  • golden_grgolden_gr Posts: 664 Bronze ✭✭✭
    @BigD , @solargold @79Au197 @powslayer
    Ok guys, i leave in Europe, if i choose to redeem for example a Canadian Gold Maple Leaf 0.05 Oz coin, the shipping cost is $116.95 USD!



    Think that Redemption Fee plus Shipping cost is almost the double price of the value of coin!!!
    Also i have to pay import taxes ... :/

    That's sucks!

    I believe that gold redemption it's unfriendly for someone in Europe. :(

    w.png 83.3K
  • solargoldsolargold Posts: 115 Copper ✭✭
    @golden_gr
    What is it like if you were to try to ship more things? e.g. several 10oz gold bars, or a couple of 1kg gold bars? Does the shipping cost remain $116.95 USD?
  • GoldIsCurrencyGoldIsCurrency Posts: 1,808 Gold ✭✭✭✭✭
    @golden_gr I think it is only unfriendly if you don't create a large enough order. If you order a bunch of different coins or bars the savings on those coins and bars more than makes up the shipping costs.
  • golden_grgolden_gr Posts: 664 Bronze ✭✭✭
    edited February 2016
    @solargold , @BigD

    The problem will be the same, because in Europe you have to pay import taxes (customs fees).
    And in most E.U. countries (like my country) those fees are too high!
    But in that case if BitGold had also an office in Europe or had partnership with a European based company, the things would be much better, because all members from E.U. they don't need to pay any tax. No import taxes, plus the point that investment gold is tax free in E.U.

    So my opinion is if BitGold have a big number of customers in Europe, maybe have think to do something about that.
    :/
  • GoldIsCurrencyGoldIsCurrency Posts: 1,808 Gold ✭✭✭✭✭
    @golden_gr When the recent financing announcement gets closed I would presume your thoughts will come to fruition among many other new additions for the platform. I am sure the will be able to make the same physical redemption offerings from different vaults. Exactly what the management team will use their 60+ million dollars of cash for only time will show us all. It sure will be exciting times ahead I have no doubt.
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