GoldMoney is an extremely well-respected company that provides precious metals investors with a unique and convenient way to buy, store, and sell gold, silver, palladium, and platinum. Founded by James Turk and his son Geoff, GoldMoney.com combines the best in secure precious metals storage with low fees and honest, accurate reporting.
Investing in gold and other precious metals can be a wise move — it’s a way to keep your wealth stable and physical, while avoiding the problems with fiat currencies and mainstream banks. While the values of monies can fluctuate with the market, and stocks can be even less predictable, over time precious metals retain much of their worth even in the worst of financial crises.
GoldMoney – Real Ownership of Precious Metals
GoldMoney is one of the leading companies who provide actual precious metals to customers for investment purposes, and they transfer full ownership rights to that gold, silver, palladium or platinum. Precious metals are stored in any of the four vaults Gold Money uses: one in London, one in Zurich, and two in Hong Kong. Your metals are stored physically in these vaults, and you can have them conveniently delivered to you if you’d rather store them yourself.
While the option to take physical delivery of metals is certainly on the table, self-storage defeats one of the main advantages of GoldMoney. While Gold Money stores your investment, you can easily transfer and trade metals for other metals, sell them, or even use them as a form of currency to pay bills, buy products, and so on. They charge an annual storage fee, but they also protect your investment with insurance and industry-leading vault security services.
GoldMoney – A Review
As of April 2011, GoldMoney has been storing over US$2 billion worth of silver, gold, platinum, and palladium for their customers.
For those not familiar with the last two metals, platinum and palladium are part of the ‘platinum group metals’, a variety of elements that are extremely rare and very useful in manufacturing high technology. As the world’s appetite for smartphones and advanced cars increases, so too may the value of platinum group metals grow.
How Does GoldMoney Make Money?
As with all businesses, particularly those involved in investment and currencies, GoldMoney wants to profit from its operations. Unlike traditional banks, it can’t do this through investing customers’ own investments, since those metals don’t belong to GoldMoney. Instead, it charges fees for transactions, much like how other banks charge service fees. These fees are based on the value of the transactions and the types of metals handled.
Furthermore, GoldMoney charges annual storage fees, again based on the same criteria. They don’t gamble with your gold, and they don’t sell you metals they don’t have, so they avoid the many problems involved in the common method of fractional reserve banking, where a bank only holds a percentage of a client’s investments, allowing it to issue loans to other clients — with your money. With GoldMoney, your investments are respected and protected rather than used and put at the mercy of a banker.
How to Create a Free GoldMoney Account
Your Holding is a record of your investments, and reflects actual metals that you personally own. You can have these metals transferred to any of GoldMoney’s four vaults, and can split them up between London, Zurich, and Hong Kong.
GoldMoney.com operates in many countries, from the US and UK through Slovenia and Japan. In forty-four of these nations, customers can benefit from a ‘fast-track’ registration, which is easier and faster than opening a Holding in the other countries. Potential customers must comply with the Customer Acceptance Policy, which is designed to ensure that GoldMoney is used for legal activities in all of the nations is operates in. The Netherlands is notable as one nation in which GoldMoney does not operate, since that country’s laws place restrictions on the sale and ownership of precious metals.
There are three levels of Holdings, based on the level of registration completed. A limited Holding restricts the amount of investment a customer can do, capping the amount of metals owned at US $150,000. A full Holding, unlocked upon full completion of registration and identity confirmation, allows customers to use their investments as currency and removes any cap on the amount of metal that can be bought. The identity verification can be a fairly simple process, and in some countries, may be conducted entirely online.
Should You Trust GoldMoney?
Investing your money in a traditional bank might seem the most sensible option, since it’s likely that your parents and grandparents did the exact same thing. However, today’s economy can be turbulent, and investing in national currencies can be dangerous. It’s even more dangerous when banks don’t actually hold all of your money, but use much of it for their own purposes.
GoldMoney does two things that normal banks don’t. First, they allow you to invest entirely in precious metals without tying up your money unnecessarily. Secondly, they give you full ownership of the metals that you’ve invested in, which is reflected in their willingness to hand your gold, silver, and platinum to you. Your metals are stored in vaults and if you want to keep them there, they’ll stay there. GoldMoney will manage your Holding and provide the security and insurance you’ll want to ensure your investments stay safe.