GoldMoney Review

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.

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

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.

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