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GoldMoney Review

GoldMoney Review

Precious Metals Available: Gold, Silver, Platinum, Palladium  
Currency Holdings Available: CAD, CHF, EUR, GBP, JPY, USD, AUD, HKD, NZD  
GoldMoney Vault Locations: Zurich, London, Hong Kong Bookmark and Share
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GoldMoney Special Offer

WhichWayGold readers are entitled to 6 months FREE precious metals storage at GoldMoney by clicking the sign-up button below, which has a promotional code " goldmoney2" embedded in the link. You will receive an email from Goldmoney confirming free storage shortly after sign-up. Once you have created your GoldMoney holding the 6 months of free storage starts, so the quicker you fund your holding the more you save.

GoldMoney is a leader in the buying and selling of physical precious metals. Use GoldMoney as a safe haven to secure your wealth by owning pure gold, silver, platinum and palladium stored securely and fully insured.

                                                                                  GoldMoney Review FREE Sign-up

GoldMoney Review - Why Choose GoldMoney?

GoldMoney is my preferred precious metals provider, allowing you to preserve your wealth by owning pure gold, silver, platinum and palladium bars that are fully insured, stored safely and economically in specialised bullion vaults. GoldMoney is independently audited on a quarterly basis by a Big Four accountancy firm and its governance procedures have set the industry standard. Their website is intuitive and very easy to use.

The Advantages of GoldMoney

• You have the ability to buy and sell gold, silver, platinum and palladium - few services offer all four!
• Goldmoney is much cheaper than purchasing bullion bars or coins through a dealer.
• There is no Sales Tax or Value Added Tax (VAT) when you buy gold, silver, platinum or palladium with GoldMoney.
• GoldMoney allows you to switch your holdings between metals using their "metal exchange" facility. So if you think
  that silver has under-perfomed gold and that the trend will reverse, switch some of your gold holdings into silver.
• You can switch your bullion between GoldMoney's vaults. This has a special significance from my perspective
  because it means that you can shift your bullion holdings held in the London vault over to Zurich or Hong Kong.
  The ability to move your wealth quickly out of Western jurisdictions may be extremely important in the years ahead.
• When not invested in precious metals you can spread your cash balances over several foreign currencies.
• If you have enough metal you have the option of having individual bullion bars registered in your own name.
• You can arrange with GoldMoney to take physical delivery of your metal should you choose to do so.

Sign up for 6 months of FREE metal storage at GoldMoney >

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GoldMoney Review Summary

  1. Key Points...
  2. • Choice of vaults in Zurich, Hong Kong or London
  3. • Allocated account - metal owned directly by you
  4. • Fully insured
  5. • Competitive and transparent pricing
  6. 15-20 minutes to set up an account (US & UK
      customers can complete entirely online)
  7. • Online metal-to-metal exchange facility
  8. • Purchase bullion for your IRA or SIPP pension
  9.  

  10. About GoldMoney...
  11. • $2.2 billion of customer holdings end Aug 11


Strategic Uses of GoldMoney

Scenario Based Investing & Geographic Diversification

There is a strong case for shifting a portion of your wealth out of Western jurisdictions. Consider what would happen if your country’s anaemic growth is followed by yet another severe recession or depression. With interest rates already close to zero our options to resurrect the economy are limited.

I recommend that you become a scenario planner for your investments. You should assess government policies on an ongoing basis – will they pull us out of crisis or lead us into hyperfinflation? Is your government increasing taxes and introducing measures to control the flight of capital, making it difficult to move your money out of the country?

Continuously re-evaluate your options and strive for flexibility. Do not disregard extreme scenarios and prepare for the unexpected. Having a portion of your bullion stored in Zurich, Switzerland and another portion stored in Hong Kong is a prudent approach to investment allocation in the current environment.

Reduce Your Exposure to Hyperinflating Currencies

When making an investment you sell one particular asset in order to purchase another asset which you perceive will provide you with a higher return than the original. So in a portfolio of stocks you might sell a laggard stock in order to purchase a superior stock which is just breaking out to new ground. There is however a step in between these transactions which doesn’t register with the public at the present time. Say that both stocks are listed on the New York Stock Exchange, what actually happens is that you sell Stock A and buy US Dollars. You then sell those US Dollars to purchase Stock B.

This exposes a key flaw in most peoples’ investment methodologies. If we head into a period of hyperinflation, as I believe we will, you may find that you are stuck in your current investments, unable to sell because you don’t want to convert into US Dollars or British Pounds – even if only for a moment.

GoldMoney has the advantage of offering a range of foreign currency bank accounts and you may switch between them at any time. The proceeds from the sale of your gold, silver, platinum or palladium held in any of the vaults can be made into any GoldMoney currency account you wish. So a US citizen who is weary of converting back into US Dollars can choose settle in Swiss Francs, Euros, Canadian dollars etc.


External Reviews & Endorsements of GoldMoney

It’s the very convenient re-monetization of gold and silver. It’s putting gold and silver back to work for ordinary people, in a very convenient way as a form of savings and as a form of payment...I’m a very satisfied GoldMoney customer of many years”. Chris Powell, Director and Treasurer of the Gold Anti-Trust Action Committee (GATA) at the 2009 Precious Metals Trade Fair in Munich.

GoldMoney may be the best monetary system ever, and if governments don’t adopt it, I predict it will be widely used as a commercial service”. Peter Schiff in The Little Book of Bull Moves in Bear Markets, page 123.

In general i would be very reluctant to trust most storage programs, but one exception is GoldMoney.com, founded by James Turk, a long-time gold advocate and widely respected figure”. Peter Schiff in Crash Proof 2.0, page 302.

For the record, even though I know Jim Turk personally, I believe GoldMoney to be 100 percent safe, have an account there myself and believe that risks in the banking system far outweigh anything I can imagine inside GoldMoney”. Robert Prechter in Conquer the Crash, page 273.

Before we move on, here’s an interesting point...both the inflationists (Schiff) and deflationists (Prechter) are recommending gold and GoldMoney!

GoldMoney is the safest “bank” that I have found, currently with over $800 million in assets. Moreover, in my opinion, it is safer than a normal bank because its not operating on a fractional reserve system. If everyone showed up at once to withdraw their funds, all of the funds would be on hand (unlike a fractional reserve bank which is only required to maintain 10 % of its capital in reserve)”. R. K. Tipton in Financial Meltdown Phase II, page 72.

Also...Precious Metals Investing for Dummies p134, Buy Gold Now p154, Endless Money p350 and 374, Rich Dad's Advisors: Guide to Investing In Gold and Silver, Acknowledgements and p157, 5 Steps to Freedom: How to Cut Your Dependence on Institutions and Escape Financial Slavery p249, Secrets of Swiss Banking: An Owner's Manual to Quietly Building a Fortune p100.

GoldMoney Video: Gold price in 9 Major Currencies
Presented by GoldMoney Founder James Turk

GoldMoney Review - Gold price in 9 major currencies


GoldMoney Video: Golds Price in Terms of Crude Oil
Presented by GoldMoney Founder James Turk

GoldMoney Review - purchasing power in terms of crude oil


GoldMoney Video: Precious Metals Purchasing Power
Interview with GoldMoney Founder James Turk

GoldMoney Review - Precious Metals Maintain Purchasing Power

Secure

Convenient

Trustworthy

You are the absolute owner of your gold, silver and platinum.

You always have 24/7 online access to your account.

GoldMoney has been an industry leader for nearly a decade.

GoldMoney enables you to buy gold, silver and platinum that is insured and stored securely in specialised bullion vaults in Zurich and London. All metal is owned directly by you with zero counterparty risk.

Create your account (your Holding) in minutes with GoldMoney's fast and easy online sign up process. GoldMoney customers value the liquidity and flexibility of our system, and enjoy 24/7 online access to their Holding. GoldMoney customers can buy and sell gold, silver and platinum any time while taking advantage of our competitive and transparent pricing.

GoldMoney was founded in 2001 by gold industry leaders who understand the value and usefulness of gold as a financial asset and recognise gold’s worldwide role as money. Thousands of individuals and companies have used GoldMoney to buy and hold gold, silver and platinum to protect their wealth from today’s financial uncertainties.


Is GoldMoney Secure?

You are the absolute owner of your gold, silver and platinum.

When you purchase precious metals through your GoldMoney account, you actually hold and own the metal in your name. GoldMoney is not a "paper gold" product, which means that your gold ownership is not dependent upon an exchange traded fund's (ETF's), certificate issuer's or pool account operator's ability to obtain and redeem metal for you when you want to sell it.

Nearly all of these types of "paper metal" programs work on a fractional reserve basis, so if the majority of the program's customer wanted to redeem their metal for cash, the program operator would not be able to meet all of its obligations. In other words, "paper metal" products represent merely a promise to pay metal; they are not products that give you direct ownership of metal, and therefore expose you to counterparty risk since you are dependent upon the program issuer's ability to meet all of its obligations.

Contrary to the fractional reserve nature of "paper metal" programs, the quantity of customer metals recorded in GoldMoney's database is always equal to the quantity of metals in the vaults. This one-to-one ratio is a critical part of GoldMoney's governance model.

When you purchase precious metals through GoldMoney, the gold, silver and platinum bullion is stored securely at the VIA MAT vaults in London, England and Zurich, Switzerland. VIA MAT International is part of Mat Securitas Express AG, of Switzerland, one of Europe's largest and oldest armoured transport and storage companies. Your gold, silver and platinum are insured against theft from the vault.

Administration of all metals is provided by an independent party (Andium Trust Company Limited) that safeguards your metal by making sure gold, silver and platinum are only removed from the vaults under the direction of its owners, i.e., GoldMoney's customers.

A Big Four accounting firm annually audits GoldMoney's operational procedures as well as the precious metal bar inventory at the vaults and metal circulating electronically in our system. GoldMoney customers who have completed the account opening process can obtain the latest SAS 70 Type II report upon request.

GoldMoney also provides quarterly reconciliations between the vault and its database of the metal held for its customers.


Product

Ownership Rights

Protection Against Counterparty Risk

100% Metal

GoldMoney-Stored Precious Metals

You

Yes

Yes

Precious Metals ETFs

ETF Issuer

No

?

Unallocated Certificate Programs

Certificate Issuer

No

?

Pooling Accounts

Account Issuer

No

?


Why is GoldMoney Convenient?

You always have 24/7 online access to your account at GoldMoney.

You can easily sign up for a GoldMoney account online. It takes only about 15-20 minutes and customers who live in the USA and UK can complete the entire process online, with no paperwork to complete before you can begin buying gold, silver and platinum.

Adjust your gold and silver holdings by converting all or a portion of your gold into silver or platinum, or vice versa with our online metal-to-metal exchanges. GoldMoney also provides foreign exchange capabilities allowing you to convert your cash balances between any of the national currencies accepted in our bank accounts (please note that US-resident customers are not able to engage in currency-to-currency exchanges).

GoldMoney makes physical delivery easy
Whether you want to take delivery of a 400oz gold bar or smaller denominations, GoldMoney makes it easy for you to redeem your goldgrams in GoldMoney into physical gold bullion. Read the Redeem Gold page for more information.

GoldMoney's patented payment system adds value to your precious metals
Your investment portfolio may already include significant holdings in precious metal exchange traded funds (ETFs), mining stocks, or even precious metals stored personally in a vault. In the event of a financial emergency, how will you quickly convert "paper gold" into currency, make payments with bullion not in your physical possession or easily convert a bullion bar so that it can be conveniently used as currency?

GoldMoney has established a patented currency, goldgrams® (1 goldgram = 1 gram of gold), to give customers the ability to make gold payments to each other electronically. Thus, although our customers can send and receive funds to their GoldMoney account via traditional financial institutions, such as banks and brokerage companies, GoldMoney's utility is not entirely dependent upon the network of such institutions.


Is GoldMoney Trustworthy?

An industry leader for more than eight years.

Since 2001, thousands of individuals and companies have used GoldMoney® to buy gold, silver and platinum to protect their wealth from today's financial uncertainties. Many of them have also found GoldMoney's patented process of digital gold currency payments to be an ideal payment solution for online commerce.

GoldMoney was founded by gold industry leaders who understand gold's usefulness as a financial asset and value its worldwide role as money. Investors and shareholders of GoldMoney include a publicly traded gold mining company, IAMGOLD (Canada).


Rate Guide

For buying, storing, paying in and exchanging gold & silver.

These rates were correct at the time of writing (November 2009). Please refer to the GoldMoney website for an updates. Please note that these rates are highly competitive when compared the margin paid to acquire bullion coins or bars on the retail market.

• Gold Buy Rates over spot: 1.48% - 2.74% depending on amount purchased
• Silver Buy Rates over spot 2.49% - 4.24% depending on amount purchased
• Platinum Buy Rates over spot 2.74% - 4.67% depending on amount purchased

• Gold Sell Rates: 0%*
• Silver Sell Rates: 0%*
• Platinum Sell Rates 0%*

*All metal sales are based on the current spot rate. There are no commissions or other fees when you sell your metal back to GoldMoney.

• Gold Storage Fee: 0.15% - 0.18% per annum
• Silver Storage Fee: 0.87% - 0.99% per annum
• Platinum Storage Fee: 0.59% per annum

Payment Fees
GoldMoney customers worldwide can pay each other immediately, at a fraction of the cost of a standard bank transfer.

• The maximum goldgram payment fee is 1/10th of a goldgram (about £2.32)
• The minimum goldgram payment fee is 1/100th of a goldgram (about £0.23)
• The maximum silver ounce payment fee is 1/10th of an ounce (about £1.12)
• The minimum silver ounce payment fee is 1/100th of an ounce (about £0.11)
• The maximum platinum payment fee is 1/10th of a platinum gram (about £2.82)
• The minimum platinum payment fee is 1/100th of a platinum gram (about £0.28)

Currency Exchange Fee
A currency-to-currency exchange fee of 0.49% is applied to all currency conversions, regardless of transaction size. The fee is in addition to any exchange rate GoldMoney is charged by the banks or exchange providers with which it works.

Metal Exchange Fee
The fees below are applied for exchanges between metals (i.e., silver to gold) and between vaults (i.e., gold in London to gold in Zurich). Therefore, a conversion of silver to gold or London gold to Zurich gold would be applied using the rates stated in the Gold Exchange Rates below.

• Gold Exchange Rates: 0.78% - 1.99% depending on amount exchanged
• Silver Exchange Rates: 1.75% - 3.19% depending on amount exchanged
• Platinum Exchange Rates: 1.93% - 3.51% depending on amount exchanged

Redeeming Gold Bars
The fee for redeeming a kilo bar is 2.75% of its fine weight, which means you can convert your goldgrams into a 1,000 gram bar at a cost of 1,027.500gg. Redeeming goldgrams into a 100 gram bar costs 4%, which is 104gg for a 100 gram bar. The fee for registering a 400oz gold bar is only 1 goldgram (about US$30.87). There is no fee when you de-register a bar, and no additional storage fees are charged during the time you hold a registered bar. Once a 400oz bar is registered to you, you may arrange to take delivery of it at any time. Whether you transfer it to another vault or choose to store it at your home, GoldMoney can arrange delivery of the bar to the location of your choice.


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