Many hold a core position in physical bullion bars and coins, and would use a Goldmoney account as an additional level of precious metals exposure, not as a subsitute for Krugerrands and Gold Sovereigns etc stored close at hand. As veteran gold trader Jim Sinclair once wisely said, if you don’t hold it, you don’t own it.
That being said Goldmoney is now guarding over 2 billion dollars worth of precious metals for their clients, and have garnered positive reviews from a number of investors and analysts in the bullion industry. The Canadian citizens can buy Gold Bullion online at forex Canada. Find the latest list of the Gold Bullion brokers that are regulated in the country at https://www.forexcanada.ca/.
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You’re not the first to read this Goldmoney review. Indeed, interest in gold as an asset class has exploded in recent years thanks to the financial crisis of 2008. The return of the “gold bugs,” as precious metals investors have been derisively named, was possibly inspired by loose monetary policies which were designed to stimulate economies.
Like London based Bullionvault, Goldmoney allows buyers in the UK and across the globe to buy gold bullion. The gold is held in secured vaults located in Hong Kong, London and Zurich. Visit this Bullionvault VS Goldmoney article to compare these two services.
The price of gold has risen dramatically over the last 10 years, both in anticipation of moderate to severe inflation and as a hedge against instability. Investors, consumers and workers seeking a way to purchase gold have multiple options. The first and most common is to find a broker dealing in gold and purchase the metal directly.
The disadvantages include high dealer mark-ups and potentially insecure transactions. Another way is to purchase shares of an exchange-traded fund (ETF) that buys physical metal. The risk here is owning paper claims on physical metal while receiving no bullion at all. A third alternative is to purchase gold online and have someone else store it in the buyer’s name. A company founded in 2001 named GoldMoney does exactly that and is recommended by well-known and respected figures like Max Keiser.
Investors can purchase gold or silver online at the GoldMoney website, then after making their purchase, the gold or silver they bought is placed in a secure, insured vault. GoldMoney calls the investor’s account a “holding” to reflect the fact that the investor truly owns the gold. GoldMoney merely stores it for them. The investor can take physical delivery of the gold, silver or even platinum and palladium at any time. In addition to providing the means to buy and store physical bullion, GoldMoney takes the bullion and uses it to create a digital currency.
The digital gold currency created by James Turk’s GoldMoney has received four U.S. patents. They were awarded in 1997, 1999, 2002 and 2006. Using the stored gold, GoldMoney customers can make electronic payments to other GoldMoney customers. The payments are made instantaneously. This system completely eliminates counterparty, settlement and credit risk. Customers can use the traditional network of banks and other financial institutions to make payments and withdraw money from their goldmoney holding. The GoldMoney system is not depending on the banking system in order to function, making it a viable alternative for those fearing the financial worst, like bank runs, economic collapse etc.
With so much focused on the stability of the banking system in Europe, even the public finances of various European countries, GoldMoney provides another option in contrast to the modern fractional reserve banking. The practical details of the company provide additional assurance of the safety and security of the GoldMoney system. All precious metals owned by GoldMoney customers are stored in vaults located in London, England, Zurich, Switzerland and Hong Kong. The vaults themselves are owned and operated by VIA MAT International, Ltd. The precious metals are insured by Lloyd’s of London, perhaps the most respected insurance company in the world.
Here are some of Goldmoney’s particular strengths:
1. No selling fees.
2. Can be used as a Digital Currency
3. Offshore storage in Switzerland and Hong Kong.
4. Buy Platinum, Palladium and Silver as Well as Gold.
Jersey based GoldMoney is used by some for investors that seek to preserve their purchasing power and participate in an alternative monetary system away from modern banking. Customers can make payments to one another using a digital gold currency. GoldMoney is seen by some as the foundation for a new future in monetary arrangements.
– Review of Bullionvault