Is there a GoldMoney scam or fraud being perpetrated? Are you putting your wealth at risk by buying and storing precious metals through GoldMoney? If you’re thinking about buying precious metals online and are considering GoldMoney.com, these are important questions to ask.
Investment scams and schemes are among the worst of scams imaginable, since they steal away the hopes and dreams that people have worked so hard for. Investment fraud is an awful thing to fall victim to, and avoiding scams should be one of your top priorities when seeking security and financial solidity. It’s well worth checking and double-checking that the businesses you deal with are trustworthy, and haven’t committed any questionable acts in the past. Some companies are just out to take your money, while others are actually dedicated to helping your investments grow, since a healthy relationship between client and business leads to long-term success.
Reasons to Buy Precious Metals
Depositing money into a bank may leave a client at the mercy of fractional reserve banking, where part of the money invested is used by the bank to give loans and make investments of their own. For clients who are interested in protecting the purchasing power of their wealth, purchasing precious metals may be a better option. Storing such metals can be troublesome, and having physical wealth leaves it vulnerable to theft or loss, but such things are extremely rare when clients rely on good security companies, and insurance against loss can offset any unfortunate events.
The best thing about precious metals is that they may retain their purchasing power despite poor local or international markets. When currencies begin to lose value, metals often become a more reliable way to maintain wealth without being at the mercy of recessions and economic lapses.
There are many companies that offer their customers the ability to purchase precious metals, though sometimes they actually sell certificates which are guaranteed against a certain amount of metal. The best businesses actually transfer ownership of their gold, silver and other metals, meaning that such companies aren’t free to sell them again to somebody else, or lend them out. One company offers its clients the chance to buy actual, physical metals, with records that are real proof of such ownership. That company, GoldMoney, will hold the metals in its vaults, but it won’t use them for its own purposes, since it’s not theirs; it’s their clients’.
Founded by James Turk, GoldMoney is a precious metal investment business that opened for public use in 2001. Since 2011, it holds more than US$2 billion in precious metals for its customers. It allows customers to buy, store, sell, and trade metals through an easy-to-use online interface, and in some countries, clients can use their stocks of gold, silver, platinum and palladium to make payments.
GoldMoney is headquartered in the British Channel Islands, and has offices around the world. Their major vaults are located in London, Zurich, and Hong Kong. Clients can efficiently transfer their investments between these vaults, and such transfers are protected by excellent security and insurance. The metals stored in vaults are also subject to extensive security, and are insured against loss.
Opening a Gold Money account is free, and can be done very quickly if the registrant is in one of 44 “fast-track” countries. Other places, such as the United States and the United Kingdom, require extensive identity verification through such companies as Equifax. Other nations, including the Netherlands, have restrictive laws concerning precious metals that hinder GoldMoney’s operations and as such, residents of those countries cannot open accounts.
Is GoldMoney a Scam or Fraud?
This company has been running successfully since 2001, and has developed from its simple roots into one of the most trustworthy precious metal holding companies in the world. Its Customer Acceptance Policy helps it prevent criminals from taking advantage of the system, while its partnership with various security and insurance firms keeps its customers’ investments safe.
As discussed in our in-depth GoldMoney review, three of the Gold Money vaults are operated by VIA MAT which is an experienced valuables logistics company that has been around for over 60 years. Their security measures are first-class, and they handle all sorts of precious materials, from gold and platinum to artwork and film. VIA MAT has locations in nine countries, including London, Hong Kong, and Zurich ñ most of the vaults that store metals for GoldMoney’s clients.
The fourth vault is a recent addition to Gold Money’s system, and is run by G4S. They’re an older company than even VIA MAT, and their location in Hong Kong is extremely secure. By using two different firms to protect its clients’ investments, GoldMoney can avoid any serious issues that may result from the disruption of one of these firms, as unlikely as it would be.
Clients actually own the physical metals that they buy, even though GoldMoney stores them in their vaults. If a customer feels that they are better able to store their investments, they may take personal possession of them. While this isn’t the ideal way to make use of GoldMoney’s system, due to the convenience and security they provide, it does show their willingness to accommodate their clients, and proves that the metals clients purchase actually exist.
Lastly, there are safeguards in place to prevent loss of investment should GoldMoney cease to operate. Clients would be able to receive their metals either in their bar forms or as an appropriate value in a number of currencies.
Overall, GoldMoney’s credentials, partners, and level of business prove that it’s not a scam or fraud, but a trustworthy business that consumers can feel confident working with. Indeed, GoldMoney may be even more trustworthy than some mainstream banks, whose business practices oftentimes risk the investments that their clients entrust to them. When it comes to stability, security, and ease of access to investments, there is no GoldMoney scam and it’s a useful way to diversify one’s assets to protect against currency collapse, devaluation, or inflationary periods.