What is Gold Money
GoldMoney is a service where you can buy gold, or buy silver, and have it stored on your behalf by GoldMoney in bank vaults in London or Switzerland. Now you can have the gold bullion also delivered to you in most countries a list of which is given below.
GoldMoney are located in Jersey in the British Channel Islands independent to Britain. Jersey is governed by its own laws and regulations and not subject to British Law.
Regulatory services are provided by the Jersey Financial Services Commission (JFSC), who oversee the regulation of all financial services in Jersey.
The vaults are owned and operated by The VIA MAT group who operate under the strict standards of the London Bullion Market Association. The VIA MAT group also provide the insurance and the Andium Trust Company performs the regular audit of gold to ensure that the gold bullion matches the customers accounts.
GoldMoney is registered and regulated by the JFSC as a money service business.
How does GoldMoney Work
GoldMoney currently holds, on behalf of its customers in customer account holdings, almost 700 million dollars of solid gold bullion bars in two bank vaults. One in London and the other in Zurich, Switzerland.
Account holders simply sign up for and open an account which records their gold bullion holdings with details of when purchased, where the gold is stored and any transactions such as cashing in the gold, selling the gold and taking delivery of any gold.
You can open a free account at GoldMoney by providing your name, contact details and sufficient ID as you do with a new bank account.
Once the account is opened you simply fund the account through a bank transfer of funds and then you can buy gold bullion.
There is no wait period (other than verifying the details needed to open the account) and the account is fully private and confidential.
There is also the facility to change your gold for silver and to 'cash out' your gold if needed.
How to Buy Gold with GoldMoney
There is no minimum or maximum of gold bullion one can buy. It will depend on how much funding there is in your account. Sometimes when you want to buy gold from a dealer or bank or mint, but there is a minimum you can buy.
With GoldMoney this is not the case, making it ideal for those with smaller incomes who would like to buy gold in small amounts and build up. There are some condition relating to large quantities of gold bought at any one time. This relates to the gold spot price and buying gold at a 'locked rate'.
What are GoldMoney Gold Bars
The gold held by GoldMoney on behalf of its customers are gold bullion bars usually of the 400 troy oz. or 12.44 kg of better than 95.5 percent pure refined gold and meet the London Bullion Market Association. They originate from the following refineries:
Rand Refinery Limited (South Africa)Also GoldMoney buy gold in 1000 gram bullion bars. All GoldMoney 100 gram and kilo bars are "4 nines fine", meaning they are 99.99% pure gold. Each of these 1000 gram gold bullion bars is produced in Baird & Co.'s factory in London, UK. You can take delivery of these bars and once ordered, the gold bars can either be shipped to you by insured mail or you can arrange to pick up your bars at Baird & Co. Shipping is currently available to customers resident in the following 16 countries:
Metalor Technologies SA (Switzerland)
Argor-Heraeus SA (Switzerland)
Johnson Matthey Limited (United Kingdom)
AustriaYou can also personally deliver or ship your GoldMoney bars back to Baird & Co. in London and receive goldgrams in your Holding. The bars must be in good condition and show no signs of tampering (i.e., marks or chips that indicate some of the gold content may have been removed).
GoldMoney will charge a 2 percent fee for each returned bar. Therefore, a kilo bar return will result in a 980gg addition to your Holding. A 100 gram bar return will result in 98gg being added to your Holding.
How Much Does it Cost
Unlike buying gold from gold dealers, mints etc, the cost of buying gold from GoldMoney is appreciably less. The exchange fee to buy gold by the gram ranges from 0.98 to 2.74 percent above the prevailing spot gold price, depending upon the size of the transaction. The more gold you buy at one time the less the transaction fee proportionately.
Selling gold back to GoldMoney does not incur an exchange fee. You simply get the spot price at the moment you transfer back.
How Do You Get Your Gold Bars
Where to Start. goldmoney.com is the place to start. Here you can open a Gold Money account and then start funding your account to buy gold. You can then keep all the gold or some of the gold in your account and at any time take delivery of all or some of your gold in 1000 gram gold bars.
This is a very simple and easy, not to mention quick, way to buy gold bullion bars.