Storing Gold

Bobjones555
By Bobjones555 on Thu, Mar 2, 2017 - 3:40pm

Love this site.  How do people feel about buying gold from Goldmoney? I've seen mixed opinions regarding holding gold 'not in hand.' But it seem like a good alternative than keeping everything at home?

18 Comments

KeithMWebb's picture
KeithMWebb
Status: Member (Offline)
Joined: Sep 14 2008
Posts: 1
Goldmoney

I have $4,000 in Goldmoney and I own shares in the company.  I've had an account with them for 3 months. So far everything has worked out fine. 

I do not know what will happen if  big poop hits the fan, however. Goldmoney does solve the liquidity problem with gold.

Keith

 

Bobjones555's picture
Bobjones555
Status: Member (Offline)
Joined: Mar 2 2017
Posts: 10
Goldmoney

Thanks for that. Would love to see this site accept Goldmoney for payment, that would be a nice endorsement 

dragonfishy's picture
dragonfishy
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Joined: Jan 1 2011
Posts: 3
Solves liquidity but not counterparty risk

Think Goldmoney ( previously bitgold) is a great idea. Sadly in Australia you can't use a credit card tied to your gold, so not so liquid. It also requires some trust ( not just of Goldmoney, but of the governments who can change laws, taxes, etc ...  so still has counterparty risk)

dragonfishy's picture
dragonfishy
Status: Member (Offline)
Joined: Jan 1 2011
Posts: 3
Solves liquidity but not counterparty risk

Think Goldmoney ( previously bitgold) is a great idea. Sadly in Australia you can't use a credit card tied to your gold, so not so liquid. It also requires some trust ( not just of Goldmoney, but of the governments who can change laws, taxes, etc ...  so still has counterparty risk)

BSV's picture
BSV
Status: Silver Member (Offline)
Joined: Jan 26 2009
Posts: 170
GoldMoney

I've been a Gold Money customer for years. No problems to report. Good service. Innovations that may or may not interest customers. But if you have an overseas account you must report it under FATCA. The information you must report annually includes the custodian, your account number and approximate value of your account. Uncle San can confiscate your holding so do not be fooled about that. 

As I understand it, you can avoid FATCA reporting by arranging for a vault storage facility (similar to a safe deposit box) in Europe and storing your precious metals there. As long as it is not a "bailment" type arrangement, it appears to be exempt from FATCA reporting requirements. Consult a knowledgeable lawyer about that. And let's face it -- what I have described is a deliberate loophole for the very wealthy, who can afford to fly to Europe once or twice each year to stroke and caress their precious metal holdings.

The rest of us are screwed. But we sort of knew that. 

BSV

Eannao's picture
Eannao
Status: Silver Member (Offline)
Joined: Feb 28 2015
Posts: 135
Gold within 'the system'

While physical gold 'in hand' has zero counter-party risk, there are a couple of issues with it:

  1. How much physical are you going to be comfortable self-storing? What if you've got hundreds of thousands worth?
  2. How are you going to sell this much physical when the time comes? (I imagine questions will be asked if you rock up with huge amounts of physical, dug up from the back yard!)

GoldMoney solves these problems. It's quick and easy to liquidate, and by keeping your gold within 'the system', it doesn't raise any questions about where you got it.

'GoldMoney Personal' and 'GoldMoney Wealth' are two separate companies in different jurisdictions. They seem to have good provision made for situations such as bankruptcy and how your gold is protected 

https://support.goldmoney.com/customer/portal/articles/1946269

I keep some of my gold with them. The purchase fees are only 0.5% and zero storage fees (with GoldMoney Personal account).

Hope this helps, E.

 

 

Bobjones555's picture
Bobjones555
Status: Member (Offline)
Joined: Mar 2 2017
Posts: 10
Goldmoney

interesting. Have you been able to use "gift of gold " https://support.goldmoney.com/customer/en/portal/articles/2289534-gift-o... or the transfer gold features? 

Bobjones555's picture
Bobjones555
Status: Member (Offline)
Joined: Mar 2 2017
Posts: 10
Goldmoney

Is there a certain amount that the account must be over to report for Goldmoney Wealth?

Bobjones555's picture
Bobjones555
Status: Member (Offline)
Joined: Mar 2 2017
Posts: 10
Goldmoney

Thanks! I do have a Goldmoney account too. I like that people have opened their minds to this possibility. We have come a long way from the 'dont hold it dont own it days. 

Eannao's picture
Eannao
Status: Silver Member (Offline)
Joined: Feb 28 2015
Posts: 135
GoldMoney

I've used the 'Gift of Gold' feature and it's really handy. The GoldMoney system simply sends the person a text or email which allows them to open an account and receive the gold. (If they don't, it bounces back to your account in 72 hours). It's a good way to get friends and acquaintances onto the 'gold network' so you can start paying each other in gold. It's like creating a personal gold standard!

I've also transferred money from my GoldMoney Personal account to my GoldMoney Wealth account (as I wanted to hold some other currencies, which the Wealth account facilitates). It's easy to do once you have both accounts set up.

Bobjones555's picture
Bobjones555
Status: Member (Offline)
Joined: Mar 2 2017
Posts: 10
Goldmoney Pay

How do you feel about this site adopting the Goldmoney  Pay button? https://www.goldmoney.com/business/pay 

 

Do you think people would use this to donate? I think I would! 

Eannao's picture
Eannao
Status: Silver Member (Offline)
Joined: Feb 28 2015
Posts: 135
GoldMoney Pay

Bobjones555,

I'd be all for that too - I think it's a great idea.

Even just as a matter of principle and protest, and to encourage more people to start opting out of using only government money. Given their understanding of gold as money, I think the PP community would be inclined to appreciate it.

E.

Bobjones555's picture
Bobjones555
Status: Member (Offline)
Joined: Mar 2 2017
Posts: 10
Goldmoney Pay

How can we get this done? I can get in touch with Goldmoney if this is something that is wanted.

Eannao's picture
Eannao
Status: Silver Member (Offline)
Joined: Feb 28 2015
Posts: 135
GoldMoney Pay

This is something that would have to come from Chris & Adam. I'd imagine they'd want to do their own due diligence on GoldMoney, because in a way, it would be an endorsement of GoldMoney.

Hope it happens.

KennethPollinger's picture
KennethPollinger
Status: Platinum Member (Offline)
Joined: Sep 22 2010
Posts: 653
I'm interested too

Yes, count me in as far as interested in GoldMoney.  If others are too, maybe they could post their desires, thus adding more need for investigation.

Bobjones555's picture
Bobjones555
Status: Member (Offline)
Joined: Mar 2 2017
Posts: 10
Accepting gold payment

Goldmoney users can open a business account and accept Gold as a payment options. Other sites do this: http://wallstformainst.com/. See the Goldmoney Pay button?

 

I would be happy to help Peak Prosperity with this. Its a fairly simple process. 

 

Its very encouraging how open this forum is to this.  

 

How can I get in touch with Chris or Adam about this?

Eannao's picture
Eannao
Status: Silver Member (Offline)
Joined: Feb 28 2015
Posts: 135
Contacting Chris or Adam

I suppose you could use the 'Contact Us' link at the bottom of the page and then direct them to this thread (in case they haven't seen it). 

Bobjones555's picture
Bobjones555
Status: Member (Offline)
Joined: Mar 2 2017
Posts: 10
Goldmoney on Peak Prosperity

Thanks! I will do that!

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