Tag Archives: goldmoney

GoldMoney Moves into Palladium


Greetings fellow precious metals investors. I have good news for those of you who enjoy the convenience of precious metals storage providers such as GoldMoney. The news is that the team at GoldMoney have announced that they are now offering another precious metal to their clients – Palladium. So thus far they’ve got Gold, Silver, Platinum, and now Palladium. That pretty much completes the precious metals quartet in my opinion. I still prefer gold above all the others but I may look into buying some Palladium sometime in the future and precious metals dealers/storage providers like GoldMoney provide a very convenient and safe way to invest in precious metals.

Here is a brief quote from GoldMoney’s press release:

“As part of our ongoing focus on improvements to GoldMoney’s
services, we are pleased to announce the further expansion
of our precious metals selection. In addition to gold,
silver and platinum, you can now buy palladium for storage
in our Hong Kong vault – another great way to diversify and
optimise your precious metals portfolio with GoldMoney.”

As you can read your Palladium will be stored in Hong Kong which IMO seems like a pretty safe place to keep it. It’s not Switzerland but I guess it comes pretty close.

For more details regarding GoldMoney or their products/services/etc please see their website.


GoldMoney Opens US Wire Collection Account


Hello dear e-currency users and gold investors. I bring you good news on behalf of GoldMoney. They recently opened a US bank account at Bank of America which will be used to collect incoming US wire payments. So if you live in the United States and you’re a GoldMoney customer things just go easier and a lot cheaper for you. You no longer have to incur the large international wire payment fees most banks charge. Instead you can now send a domestic wire payment which means you’ll pay a smaller transaction fee.

Here is the official news release from GoldMoney:

We are pleased to announce that with effect from Friday the
11th of July, all customers with a US bank account can wire
funds to GoldMoney’s new cash collection account at Bank of
America in New York. You are now able to transfer funds to
GoldMoney using a domestic bank wire or other electronic
transfer method rather than an international bank wire,
which will significantly reduce the bank fees incurred and
increase the efficiency of your funds transfer.

Please note that this new bank wire service is for incoming
wires only
. In other words, the collection account service
provided by Bank of America through our bank, Lloyds TSB
(UK), is a “one-way” service and may not be used to return
funds to customers. When you instruct GoldMoney to send US
dollar funds back to your US bank account, all wires will
still be made from our bank account in Jersey.

GoldMoney’s website can be located at:



GoldMoney Introduces Currency Exchanges


E-currency and precious metals investors may be interested in knowing that GoldMoney just introduced a new convenience feature. GoldMoney now gives you the ability to easily convert between four primary currencies in your GoldMoney Segregated Funds Account – pretty neat! Here is the official news release form the GoldMoney staff:

Dear Sir/Madam,

GoldMoney is pleased to announce a new currency exchange
service. Customers can now conveniently switch between any
of the four currencies in the Customer Segregated Funds
Accounts that GoldMoney maintains at its banks. For
example, if you have US dollars in your GoldMoney Holding
and you would like to convert them directly in British
pounds, GoldMoney can facilitate this currency exchange for

To place a currency exchange order, login to your Holding
and select “Buy & Sell Exchanges > Currency-to-Currency”
from the menu on the left of your screen. Then follow the
familiar 4-step process used when buying and selling

All orders are processed each business day before 1 p.m.
London time based on our banks’ currency exchange rates at
noon London time plus a fee of 0.49%.

Kind regards,
GoldMoney Customer Support

GoldMoney Now Lets You Store Your Gold In Zurich


I just got word a few hours ago from a fellow blogger that GoldMoney has diversified its offering of available gold storage vaults. GoldMoney now give you the option of storing your gold in Zurich, Switzerland. So you now have two choices: London U.K, or Zurich Switzerland. This will provide account holders with the opportunity to diversify their holdings among different jurisdictions which is always a good idea because a wise investor never fully trusts his government. Heck, I don’t trust ANY government, but anyways, let’s leave the politics for another time.

Just as with the London storage vault, the one in Zurich is also insured by Llyod’s of London and operated by VIA MAT, which is one of the world’s most reputable bullion storage services provider.

While I like this added service, I think I’ll stick with BullionVault mainly due to costs. GoldMoney has the following to say about storage costs:

There is no storage fee for gold in the London vault; only a monthly account fee. A storage fee of 0.24% per annum (2 basis points per month) is charged for gold stored in the Zurich vault, with a minimum fee of 0.1 grams of gold per month.

0.1 grams of gold comes out to roughly $2.44 USD (@ 757.65/oz). BullionVault charges the wholesale rate of 0.12% pa ($4 per month minimum). But most importantly when you use BullionVault you are buying on an open market at the spot rate, not like GoldMoney which charges 0.98% to 3.74% above the prevailing spot gold price.

My personal preferences aside, I think GoldMoney users should seriously consider diversifying their gold holdings by storing a portion of them in GoldMoney’s Zurich vault.

If you wish to open up an account with GoldMoney, click here (don’t be silly, they don’t pay me to direct traffic to them or for referring you)

Cheers! Have a golden day ;)

GoldMoney: Important new feature introduced!

This is a long read, but definitely worth it if you are or intend to become a GoldMoney account holder.

Dear GoldMoney Customer,

We are pleased to inform you of an exciting newdevelopment. Beginning Sunday, 20 May 2007, it will be evenmore convenient to buy and sell gold and silver throughGoldMoney.


We have opened Customer Segregated Funds Accounts for fourdifferent currencies with our banks. Thus, you will be ableto deposit money into these segregated customer accounts inUS dollars, British pounds, euros or Canadian dollars, anduse this money to purchase gold and silver from GoldMoney.When you decide to sell metal, the proceeds can bedeposited into these same bank accounts. Importantly, youwill earn interest on your deposit at very competitiverates, and have 24/7 access to your deposit and your metalthrough the Balances page in your Holding.


A new feature allows you to Add or Remove Funds from yourHolding, to easily facilitate the transfer of money betweenGoldMoney and your bank account. Also, you can now save thedetails of your bank account(s). So simply select theaccount you want to use, rather than typing your bankdetails each time you initiate a transaction.

GoldMoney accepts money transfers by electronic check (ifyou have a bank account in the US) or bank wire. Once yourfunds are received, the currency balance recorded in yourHolding is increased, enabling you to earn interest on yourmoney until you are ready to buy gold and silver.


1) A new way to use our electronic check feature

As before, you can use electronic checks to debit your bankaccount in the US to pay for your metal purchases, or toautomatically receive your sale proceeds. But now you canalso write and receive electronic checks from the US dollarCustomer Segregated Funds account. So rather than leavingmoney in your bank account while you wait to purchase goldor silver, use electronic checks to deposit your money inour segregated funds account and earn interest. Then buywhen the market price is right for you.

2) Purchases paid by bank wire

Presently when purchasing by bank wire, we need to receivethe funds within 2 business days for customers to 'lock-in'the buying rate. Bank wire fees are costly and oftendelayed, with the consequence that late orders would needto be completed at a price different than what the customerhad expected to receive because the 2-day deadline wasmissed, through no fault of the customer or GoldMoney. Ournew feature eliminates these problems.

Now, prior to placing a Buy order you simply wire funds fordeposit into the segregated funds accounts, and earninterest on that money while you wait to purchase metal.

Similarly, you will now be able to sell your goldgrams andsilver ounces and receive the proceeds in US dollars,British pounds, euros or Canadian dollars, which isautomatically deposited for you into the CustomerSegregated Funds account. The proceeds will be shown as anincrease to the currency balance in your Holding once theSell order is completed. But if you instead want to receivethe proceeds from your sale right away, simply 'click' theappropriate instruction, and the money will be immediatelysent to the bank account you choose.

3) Earn interest on your currency deposit

You will earn interest on your currency balances in theCustomer Segregated Funds Account. There is no minimum ormaximum deposit. Interest based on your average monthlybalance will be paid monthly, regardless of the size ofyour deposit.

The fee GoldMoney charges for this new service will reducethe interest income you receive by 1/4th of 1% per annum.Thus if the interest rate paid by our banks is 5%, theinterest income you earn on your deposit is 4.75% afterdeducting the administrative fee. Interest rates are ofcourse subject to change, but the present interest ratesper annum after deducting the administrative fee are: US dollar 4.18% British pound 5.00% euro 3.14% Canadian dollar 2.75%


Our new segregated funds feature will save you both timeand money. Buying and selling will be easier and faster,and you will not have to incur the costs of funds transfersevery time you place an order. And you can earn interest onyour currency deposit at competitive rates."

GoldMoney: An economical and convenient way to own gold

I thought I’d take a break from posting about e-gold’s legal problems and focus on reviewing another way you can economically and conveniently own gold. What I am going to review is a company called GoldMoney. It was founded by James Turk who is a prominent proponent and supporter of gold.

“GoldMoney is easy to use and inexpensive, plus you have the convenience of transacting online. Your precious metal is secure because it is:

  • safely stored for you in a specialised bullion vault, and
  • insured through a policy underwritten at Lloyd’s of London.

You have 24/7 online access to your precious metal, which you can sell at any time. Also, your gold can be used as online currency and transferred instantly to anyone with a GoldMoney account.

GoldMoney was founded by gold industry leaders who understand gold’s usefulness as a financial asset and value its worldwide role as money. Investors and shareholders of GoldMoney include two publicly traded gold mining companies, DRDGOLD (South Africa) and IAMGOLD (Canada).

GoldMoney’s main office is located in Jersey, one of the British Channel Islands situated in the English Channel near the north-western tip of France. Our website and database servers, also located in Jersey, are housed in a secure, state-of-the-art data centre.

Office Address
Net Transactions Limited
ASL House
12-14 David Place
St Helier, Jersey
British Channel Islands (about)

Tel: +44-1534-760-133
Fax: +44-1534-760-125″

As you can see GoldMoney is 100% offshore based so your gold is protected from potential government seizures.

Opening up an account was fairly easy for me, BUT you are required to provide IDENTIFICATIOON. Yes, you’ve heard right, this is not e-gold where you could open up an account with 100% false information and go on about your merry business doing whatever activity you please – be it legal or otherwise – so please bear this in mind. I think overall this is a positive point.

A bit of info about GoldMoney and how it works:

“GoldMoney is like online banking, but your account is denominated in goldgrams and mils, not dollars and cents. Each GoldMoney goldgram® you own is safely stored for you in allocated storage in a specialised bullion vault near London, England, and is insured through a policy underwritten at Lloyd’s of London. When you buy goldgrams, you own pure gold in a secure vault.”

“Just like shares of stock represent your fractional ownership of a company, your goldgrams represent your ownership of a portion of the gold held for GoldMoney customers in the secure vault.

GoldMoney’s website and database servers keep track of your ownership of goldgrams and mils (1000 mils equal one goldgram, expressed as 1gg) and provide secure, 24/7 online access to your account.”

“GoldMoney allows you to send gold to anyone with an account at GoldMoney. Unlike most online payment systems that only work in some countries, anyone anywhere in the world with Internet access can open an account and begin using GoldMoney to make and receive instantaneous, non-repudiable payments, anytime day or night.”

Ok, now for the all important fees:

Account fee – 100 mils (about US$2.15) per month
The account fee is charged only if there are goldgrams in your Holding. You pay only 100 mils per month, regardless how many goldgrams you own. The account fee may vary for large accounts.

Payment fee –
Min: 10 mils (about US$0.21)
Max: 100 mils (about US$2.15)

A payment fee is charged when you transfer goldgrams to another Holding. It is 1% of the payment amount, with a minimum fee of 10 mils and a maximum fee of 100 mils. For example, a payment valued at $20 costs 20 cents, whereas a payment valued at $20,000 costs only $2.15.

Service fee – 10 mils to 10gg
Charged only if you request a special service. The exact fee depends upon the time required by GoldMoney staff to complete your request.

Silver Storage fee – 0.986% per annum, which is 0.0825% per month, with a minimum fee of 0.2oz per month. Charged only when you own silver, it is deducted monthly from your Holding.

Current Fees for Bank Wire Transfers

CAD – Canadian Dollars
No wire fee until 1 January 2007, after which C$55 per wire transfer.

EUR – Euros
€45 per wire transfer.

GBP – British Pounds
No charge for 3-day BACS transfers within the UK.
£20 per one-day CHAPS transfer to accounts within the UK, £30 for international wire transfers.

USD – US Dollars
No charge for electronic check transfers within the USA.
US$12 for wire transfers to accounts within the USA, US$50 for international wire transfers.

Look at the above! You can purchase gold and the money will be take directly from your bank account! Very convenient. They used to offer the same service to Canadian clients, but sadly for whatever reason they’ve stopped that service :( That is too bad as I wanted to use GoldMoney to keep 25% of my assets in gold.

Check out GoldMoney’s website at: