GoldMoney

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GoldMoney Review

What offers GoldMoney?

GoldMoney is a leading provider of vaulted metals. Investors can buy and sell gold, silver, platinum and palladium bullion through GoldMoney Wealth. The precious metals are stored on behalf of the investors by independent vault operators. Investors acquire outright ownership of their precious metals and have a delivery option.

About GoldMoney

Headquarters Toronto, Canada/ Jersey, British Channel Islands
Founded 2001
Employees ca. 50
Number of clients ca. 20,000
Assets Total client assets of ca. USD 1.4 billion

GoldMoney was founded in 2001. In 2015, BitGold, an gold payments technology company founded by Roy Sebag and Joshua Crumb, merged with GoldMoney. Goldmoney Inc is listed on the Toronto Stock Exchange since May 2015. GoldMoney offers three types of accounts: Personal, Business and Wealth.  Personal accounts are targeted at smaller savings and payment or transfer capabilities. Business accounts are for merchants, who want to offer customers the ability to pay with gold. Wealth holdings are targeted at long-term investors and include insurance of all investment amounts. Our review of GoldMoney focuses on GoldMoney Wealth holdings. Holdings can be owned by individuals, joint owners, families, corporations, trusts, or financial services institutions.

GoldMoney Wealth offers clients the possibility to buy and store gold and other precious metals.

Investors have outright ownership of their gold holdings, which they bought through GoldMoney Wealth. They can choose between five vault locations: Zurich (Switzerland), London (United Kingdom), Hong Kong, Singapore and Toronto (Canada). Customers can also choose storage in multiple vaults in order to diversify gold holdings across several locations or jurisdictions.

Clients of GoldMoney Wealth can place their orders over the Internet or through dedicated relationship managers.

Investors, who buy gold through GoldMoney Wealth, typically acquire grams of 400 ounces good delivery standard gold bars as defined by the London Bullion Market Association. The LBMA is the London-based trade association which represents the wholesale, over-the-counter market for gold and silver in London, the largest market of its kind in the world. It sets the specifications for ‘good delivery’ gold bars.

What is GoldMoney Wealth offering?

Precious metals
  • Gold
  • Silver
  • Platinum
  • Palladium
Minimum investment 1 gram of gold
Delivery of gold Optional, separate fees apply (see below)
Vault locations
  • Hong Kong
  • London (United Kingdom)
  • Singapore
  • Toronto (Canada)
  • Zurich (Switzerland)
Currencies Clients of GoldMoney can trade gold in U.S. dollars, British pounds, Canadian dollars, Euros, Swiss Francs and four other currencies
Additional features
  • Dedicated personal relationship manager
  • Retirement accounts for the UK, US and Jersey (IRA, TFSA, SIPP)
  • GoldMoney Mastercards

 

How secure is GoldMoney Wealth?

GoldMoney Wealth is operated by Goldmoney Wealth Limited, which is based in Jersey, Channel Islands. GoldMoney Wealth Limited is a subsidiary of GoldMoney Inc., which is publicly listed on the Toronto Stock Exchange. GoldMoney Inc. is audited by the accounting firm KPMG.

GoldMoney has a range of policies and processes in place to provide a high level of safety and security.

GoldMoney Wealth uses Brinks, G4S, Loomis, Rhenus and Malca-Amit as vault operators.

GoldMoney does not loan its clients’ gold. Clients of GoldMoney can only trade gold if they have gold or funds available with GoldMoney, so there is no counterparty risk.

Goldmoney Wealth Limited is regulated as a Money Services Business by the Jersey Financial Services Commission.

How safe is GoldMoney Wealth?

Outright Ownership of 100% Gold Insured, independent storage Transparent, external audit Price transparency Liquidity Regulation
ok ok no ok Liquidity
Clients of Gold Money own their gold, it is their legal property Gold holdings are insured, the independent vault operators are LOOMIS, G4S, Brinks, MalcaAmit and Rhenus Audit of governance and internal controls by KPMG, but no audit of precious metals holdings; reports from vault operators are made available to customers Yes, see below Clients can place buy and sell orders from Monday to Friday, around the clock GoldMoney is independent of banks; GoldMoney has a ‘Money Services Business’ license in Jersey

 

What are the costs of GoldMoney Wealth?

Premium/mark-up for buying and selling gold

  • No mark-up is charged for the purchase of gold. Also, the sale of gold is free from any mark-downs.

Commission for purchasing gold

Commissions apply only for the purchase of gold:

  • $1 – 9,999: 2.49%
  • $10,000 – 99,999: 2.19%
  • $100,000 – 499,999: 1.39%
  • $500,000 +: ask for quote

 

Commission for selling gold

GoldMoney does currently not charge fees or commissions for selling gold.

Storage and insurance

  • Storage with LOOMIS or Malca Amit: 0.01% (monthly), 0.12% (annually)
  • Storage with other storage companies: 0.015% (monthly), 0.18% (annually)
  • Minimum fee of 0.001 grams per month for gold (ca. 5 cents (US))

Gold storage fees are applied per vault, i.e., if you hold gold in different vaults, you have to pay the storage fee several times.

Bank wire fee

For the transfer of funds from GoldMoney to the client’s bank account, a bank wire fee is charged. The fee varies by currency. The fee amounts to US$ 20 or a similar amount in other currencies.

Withdrawal fee for delivery of gold

  • Information only on request

Last update: 01.03.2017

How to become a customer of GoldMoney Wealth?

In order to buy gold or other precious metals with GoldMoney, investors have to perform the steps listed below. According to GoldMoney, the set-up of a holding takes just a few minutes.

1. Sign up for a GoldMoney Wealth holding online
A client can open an account online by filling out the appropriate form.

2. Transfer funds to your Holding
Clients can wire funds to GoldMoney from a bank account after they have signed up.

3. Buy precious metals
After GoldMoney has received the funds, clients can place orders to buy gold, silver, platinum or palladium.

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Further information