Is GoldMoney.com safe to trade gold?

[shannen87]

Regarding BitGold, now named GoldMoney.com

1. You think it is safe to trade gold through their platform?
2. A friend of mine, tried to liquidate Gold into GoldMoney bullion/bars, received them by courier service at home and when he tried to sell them at the market they were not accepted because they had NO engraved marks on them, like 24K, etc.

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[Iranus]

Not sure exactly how safe it is as an actual investment, but they're nearly definitely legit (can never be totally sure with these things, but people on the forum have been selling Goldmoney accounts before and it looks like people genuinely do trust them with their money).  They're also listed on the Toronto stock exchange and have a market cap of hundreds of millions of dollars, so they're definitely not out to get a quick buck by stealing your money.

[shannen87]

Not sure exactly how safe it is as an actual investment, but they're nearly definitely legit (can never be totally sure with these things, but people on the forum have been selling Goldmoney accounts before and it looks like people genuinely do trust them with their money).  They're also listed on the Toronto stock exchange and have a market cap of hundreds of millions of dollars, so they're definitely not out to get a quick buck by stealing your money.

What about giving out gold bars without any marks? Sounds suspicious.

[Astvile]

Regarding BitGold, now named GoldMoney.com

1. You think it is safe to trade gold through their platform?
2. A friend of mine, tried to liquidate Gold into GoldMoney bullion/bars, received them by courier service at home and when he tried to sell them at the market they were not accepted because they had NO engraved marks on them, like 24K, etc.

I think it is safe to trade there but like what you stated you are not able to sell them because of missing engraved value of the gold.Thats the only negative feedback of the site stated by you so by trading only i think it is safe for you

[BobK71]

Regarding BitGold, now named GoldMoney.com

1. You think it is safe to trade gold through their platform?
2. A friend of mine, tried to liquidate Gold into GoldMoney bullion/bars, received them by courier service at home and when he tried to sell them at the market they were not accepted because they had NO engraved marks on them, like 24K, etc.

Well, we have a couple of issues here:

1. Don't buy 'paper gold' in any form, whatsoever.  It doesn't matter if the firm is old and trusted (which it may well be in this case.)  There is a certain science to this kind of things -- all players will renege on their promises just when you need them most (ie when markets make big moves,) not because they are bad people but because of the dynamics of these promises.  These players include the British Empire and the USA, and I'm sure GoldMoney is less solid.  Trust me.

2. Bullion is troublesome and costly to sell, since you have to pay to get it verified.  Bullion coins like US eagles and South African Kugerands are much more appropriate for all but the biggest hoards.

[Factmine]

Regarding BitGold, now named GoldMoney.com

1. You think it is safe to trade gold through their platform?
2. A friend of mine, tried to liquidate Gold into GoldMoney bullion/bars, received them by courier service at home and when he tried to sell them at the market they were not accepted because they had NO engraved marks on them, like 24K, etc.

Well, we have a couple of issues here:

1. Don't buy 'paper gold' in any form, whatsoever.  It doesn't matter if the firm is old and trusted (which it may well be in this case.)  There is a certain science to this kind of things -- all players will renege on their promises just when you need them most (ie when markets make big moves,) not because they are bad people but because of the dynamics of these promises.  These players include the British Empire and the USA, and I'm sure GoldMoney is less solid.  Trust me.

2. Bullion is troublesome and costly to sell, since you have to pay to get it verified.  Bullion coins like US eagles and South African Kugerands are much more appropriate for all but the biggest hoards.

I agree, holding gold on paper is totally a hard thing to believe even. The platform may even be selling gold that they don't actually have, they just keep on selling no matter how much their customers buy they have enough supply for everyone. Isn't that weird? You can buy gold and not really see if the platform really has that much gold in your name. I won't even be surprise if they only have a few ounces of gold and they tell everyone that was their share in their gold reserve.

[BobK71]

I agree, holding gold on paper is totally a hard thing to believe even. The platform may even be selling gold that they don't actually have, they just keep on selling no matter how much their customers buy they have enough supply for everyone. Isn't that weird? You can buy gold and not really see if the platform really has that much gold in your name. I won't even be surprise if they only have a few ounces of gold and they tell everyone that was their share in their gold reserve.

True, even if they don't mean to defraud their customers, there are huge incentives to leverage up.  (This is also our world system in a nut shell, BTW.)

So, if they resist the temptation of outright fraud, they will find some 'middle path' that benefits them now and leaves the problems to the future, while being able to convince themselves they are being honest.  Like I said, the incentives are powerful, and no human can resist them.

The mainstream magazine The Economist has basically come out and admitted that 'paper gold' systems are good for reducing the demand for physical gold in the West.  So another reason to hold the physical is that prices will go up even faster when most investors realize there is not enough gold behind the paper promises.

[markj113]

Regarding BitGold, now named GoldMoney.com

1. You think it is safe to trade gold through their platform?
2. A friend of mine, tried to liquidate Gold into GoldMoney bullion/bars, received them by courier service at home and when he tried to sell them at the market they were not accepted because they had NO engraved marks on them, like 24K, etc.

Any repectable bullion dealer will test the metal and not rely on a stamp on the bar.

Gold is gold and they wont care what format it comes in, just find a better dealer.

[shannen87]

Regarding BitGold, now named GoldMoney.com

1. You think it is safe to trade gold through their platform?
2. A friend of mine, tried to liquidate Gold into GoldMoney bullion/bars, received them by courier service at home and when he tried to sell them at the market they were not accepted because they had NO engraved marks on them, like 24K, etc.

Sounds line bollocks to me.

Any bullion dealer will test the metal and not rely on a stamp on the bar.

Gold is gold and they wont care what format it comes in.

The first thing they check is the stamps, the second thing is to test it.
IF by the FIRST sight they dont see any marks at all, they dont BOTHER.
After all, if by first sight you see nothing marked on it, it's suspicious to even test it. Why lose time?

[markj113]

Bullion dealers buy scrap and broken gold in jewellery form.

If they dont like the form its in it will just be sent to the melting pot and recast.

I think you just need to find a proper jewellers/bullion dealer rather than trying to sell "at the market"

Gold is gold and you should always get at least near spot value no matter what form its in.

2. Bullion is troublesome and costly to sell, since you have to pay to get it verified.  Bullion coins like US eagles and South African Kugerands are much more appropriate for all but the biggest hoards.

Not true, I walked in a bullion dealer and sold a large quantity of gold.  They check each piece with an xrf machine which takes seconds to ensure its genuine but dont charge a fee for it.  Even if you buy well known coins like eagles and krugerands they will still be checked (the more common the coin the more likely it is to be faked)

[shannen87]

Bullion dealers buy scrap and broken gold in jewellery form.

If they dont like the form its in it will just be sent to the melting pot and recast.

I think you just need to find a proper jewllers/bullion dealer rather than trying to sell "at the market"

Gold is gold and you should always get at least near spot value no matter what form its in.

I want 'clear' deals.
If you aint gonna provide me with a 100% complete bullion bar then don't offer it at all.

[markj113]

I want 'clear' deals.
If you aint gonna provide me with a 100% complete bullion bar then don't offer it at all.

You obviously have no idea what you are talking about and never bought and sold bullion.

You think a pretty stamp on a bar or a certificate makes it "legit"  

Check out all the fake pamps.

[Yakamoto]

Regarding BitGold, now named GoldMoney.com

1. You think it is safe to trade gold through their platform?
2. A friend of mine, tried to liquidate Gold into GoldMoney bullion/bars, received them by courier service at home and when he tried to sell them at the market they were not accepted because they had NO engraved marks on them, like 24K, etc.

To my knowledge, Goldmoney is a respectable company and they haven't had any issues in the past, but again that's just going off of what I've seen and/or read so there could have been things that have happened in the interim.

The gold bullion they have, which comes in 10 gram blocks if I remember correctly, are pure gold but don't come with stamps, and I don't know why that is for sure. But like said above, most metal dealers should be testing the gold as opposed to just relying on stamps.

[shannen87]

Regarding BitGold, now named GoldMoney.com

1. You think it is safe to trade gold through their platform?
2. A friend of mine, tried to liquidate Gold into GoldMoney bullion/bars, received them by courier service at home and when he tried to sell them at the market they were not accepted because they had NO engraved marks on them, like 24K, etc.

To my knowledge, Goldmoney is a respectable company and they haven't had any issues in the past, but again that's just going off of what I've seen and/or read so there could have been things that have happened in the interim.

The gold bullion they have, which comes in 10 gram blocks if I remember correctly, are pure gold but don't come with stamps, and I don't know why that is for sure. But like said above, most metal dealers should be testing the gold as opposed to just relying on stamps.

I agree with what you say, but if the dealer wants to re-sell the bullion bar it would be very hard for him to do so without any marks on it. So, I pay for extra verification and he paid for extra verification in case of resale. Everything would have been FINE if GoldMoney MARKED their bullions at first place. EVEN the most CHEAP gold ring on the market has an indication!

[Hydrogen]

I remember back around 2012, there was a news story floating around about counterfeit gold bars being discovered with tungsten rods inserted inside them.

The problem of fake gold bars

You don’t need to be a conspiracy theorist to find this worrying: a 1kg gold bar, certified as 99.98% pure by XRF (X-ray fluorescence) tests, turns out to have been drilled out and largely replaced with tungsten. This bar was discovered only because it was 2 grams lighter than it ought to have been: the forgers failed to add quite enough gold to the outside of the bar to make up for the weight lost when they replaced gold with tungsten. But if they’d gotten the weight right, it would probably still be circulating today.

http://blogs.reuters.com/felix-salmon/2012/03/25/the-problem-of-fake-gold-bars/

I probably shouldn't laugh.

Who knew gold bars might be as vulnerable to "hacking" as electronic currency?

Wonder what ever became of this, I don't think there have been any follow up cases. Might have been an isolated incident.

[BobK71]

2. Bullion is troublesome and costly to sell, since you have to pay to get it verified.  Bullion coins like US eagles and South African Kugerands are much more appropriate for all but the biggest hoards.

Not true, I walked in a bullion dealer and sold a large quantity of gold.  They check each piece with an xrf machine which takes seconds to ensure its genuine but dont charge a fee for it.  Even if you buy well known coins like eagles and krugerands they will still be checked (the more common the coin the more likely it is to be faked)

You might be more experienced than I am.  Still, if you don't have a large quantity, or if you want to trade little by little, it should be more convenient and cheaper to trade well-known coins.  (With bullion bars there is the 'assaying' charge.)  Yes, you'll pay a hefty mark-up compared to the raw gold value, but you get that back when selling your coins.

Also, always verify your coins visually.  There's plenty of online advice for detecting fakes.  It's not hard.

[markj113]

I always recommend gold sovereigns (1/2 or full)

Can be had for 2% over spot, small, very liquid, internationally recognised and capital gains tax free in the UK.

[ArdiPrabowo]

about online gold trading is the best placed in forex market
but about gold money curency iam never use goldmoney, so i can't remendation exchanger good or not

[X-ray]

I want 'clear' deals.
If you aint gonna provide me with a 100% complete bullion bar then don't offer it at all.

You think a pretty stamp on a bar or a certificate makes it "legit"  

That would be legit if that gets applicable on the diamond.
But in my experience about Sell and Buy gold, the stamp would be meaningless. The important think about trying to test whether it is real gold is based on the aspect of gold.
In my life, I have never seen gold required to obtain a certificate.
The stamp just reflects the gold content.

[VXII]

A few months have passed since the posts in this thread. What have your experiences been with Goldmoney since then?