Last update: 21.09.2017
What offers GoldMoney?
GoldMoney is a leading provider of vaulted metals. Investors can buy and sell gold, silver, platinum and palladium bullion through GoldMoney. 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.
|Headquarters||Toronto, Canada/ Jersey, British Channel Islands|
|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 its clients so called “Goldholdings”. Holdings can be owned by individuals, joint owners, families, corporations, trusts, or financial services institutions.
GoldMoney offers clients the possibility to buy and store gold and other precious metals. Customers can make and receive payments to other customers.
Investors have outright ownership of their gold holdings, which they bought through GoldMoney. 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 can place their orders over the Internet or through dedicated relationship managers.
Investors, who buy gold through GoldMoney, 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 offering?
|Minimum investment||1 gram of gold|
|Delivery of gold||Optional, separate fees apply (see below)|
|Currencies||Clients of GoldMoney can trade gold in U.S. dollars, British pounds, Canadian dollars, Euros, Swiss Francs and four other currencies|
How secure is GoldMoney?
GoldMoney is operated by Goldmoney 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.
According to GoldMoney, the company has a range of policies and processes in place to provide a high level of safety and security.
GoldMoney 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?
|Outright Ownership of 100% Gold||Insured, independent storage||Transparent, external audit||Price transparency||Liquidity||Regulation|
|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?
Premium/mark-up for buying and selling gold
Mark-up / mark-down of about 0.28% for each purchase and sale
Commission for purchasing gold
Commissions for the purchase of gold: 0.5%
Commission for selling gold
Commissions for the sale of gold: 0.5%
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
Physical redemptions from each vault if customers owns 1 kilogram of gold or more. There is a one-time fee of 10 gold grams for each physical redemption.
How to become a customer of GoldMoney?
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 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.