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Storing Gold

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  • Thu, Mar 02, 2017 - 12:40pm

    #1
    Bob Jones

    Bob Jones

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    Storing Gold

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?

  • Fri, Mar 03, 2017 - 03:06am

    #2
    KeithMWebb

    KeithMWebb

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    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

 

  • Fri, Mar 03, 2017 - 07:27am

    #3
    Bob Jones

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    Goldmoney

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

  • Fri, Mar 03, 2017 - 11:48pm

    #4
    dragonfishy

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    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)

  • Fri, Mar 03, 2017 - 11:48pm

    #5
    dragonfishy

    dragonfishy

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    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)

  • Sat, Mar 04, 2017 - 04:20am

    #6
    BSV

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    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

  • Sat, Mar 04, 2017 - 10:23am

    #7

    Eannao

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    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.

 

 

  • Sun, Mar 05, 2017 - 06:29pm

    #8
    Bob Jones

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    Goldmoney

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

  • Sun, Mar 05, 2017 - 06:31pm

    #9
    Bob Jones

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    Goldmoney

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

  • Sun, Mar 05, 2017 - 06:33pm

    #10
    Bob Jones

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    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. 

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