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GoldMoney / How it works, Jim Turk's comments


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#1 DrBubb

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Posted 31 December 2008 - 09:42 AM

GoldMoney thread / Jim Turk's comments, etc.
Using a GM acct., & following JT's interviews etc.
===================================================

Sign up here: Posted Image (with GEI "excalibur12" as referrer)

Note: you will get 6 months Free Storage, if you use the above link.

This Posted Image or Posted Image or Posted Image or Posted Image or Posted Image

I have opened an account with GoldMoney (GM), and they have had a look at the GEI website. They are pleased to have set us up as a referrer for new clients. If you open an account, and buy some gold there, we will make a small fee. Thank you, if you do that.

I thought we should have a thread on GEI where we can discuss the operation of GM accounts, and also provide some links into articles and comments by GM founder, James Turk.

Jim is an old friend of mine, who I have known for over 10 years, and so I am very pleased to have (finally) established this relationship.
== == ==

Posted Image
chart w/o trend lines : http://i407.photobuc...t/goldupap4.jpg

INTERVIEWS:
Jim Turk, by Stanlie Hunt, Dec 22, 2008 :
Audio - http://www.kitco.com...adio/index.html

James Turk's GoldMoney Foundation :

== ==
KEY WORDS / To bring some folks to this thread :

" GoldMoney how it works " / " GoldMoney introduction " /

Searches : GoldMoney : GoldMoney merchants : Gold Money scams :
Videos.... : Introduction to GoldMoney

== == ==
A word of caution : (see page 8, post #160)
QUOTE (whoops_apocalypse)
To all those thinking of utiilising GM's currency to currency feature.
...ensure that you carry them out to as close to 11am GMT (deadline for same day processing) as possible and
that the markets aren't too volatile at the time
The market is "bipolar", swinging back and forth from a focus on Inflation to Deflation. Bet on swings; and stay flexible. What are bipolar markets? See: http://tinyurl.com/GEI-Manix

#2 DrBubb

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Posted 31 December 2008 - 10:23 AM

Chart


The dollar's bear market rally that began in July ended last month. Based on closing prices, the US Dollar Index has dropped 8.5% since last month's peak. The drop so far this month is a stunning loss of 6.7%.

Since last month's peak in the Dollar Index, gold has climbed 6.3%, while silver did even better. It has climbed 12.6%. These precious metals are clearly the place to be, given the path of monetary debasement being taken by the Fed.

- JT
The market is "bipolar", swinging back and forth from a focus on Inflation to Deflation. Bet on swings; and stay flexible. What are bipolar markets? See: http://tinyurl.com/GEI-Manix

#3 romans holiday

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Posted 31 December 2008 - 10:31 AM

Blow me down DrB..... great minds and all! I just opened an account this afternoon and was thinking of the need for an ongoing thread which could swap notes on trading in and out of gold. I do not really consider myself a trader, do not really have the temperament for it... more the buy and sit tight type, but that said I think there may be an excellent opportunity over the next few months for trading gold [I will use say around 10% of my worth to fund the account...which I just cashed up at the recent spike to 882]. The reason being is, as we all know, gold will perform well but there is also bound to be a lot of volitility in this macro-deflationary environment, more forced liquidation etc etc. Perfect opportunity for playing the market a little.

I consider it a win-win situation for in the worst case scenario, if POG just continues to take off, I will still have cash in a bank account [I now mostly only have physical bullion as my core position]. I was thinking about buying producing miners but will leave that for further down the road. I see Goldmoney as a safer way to speculate a little.

My strategy will be to trade as less as possible... maybe only once a month or even less. I think many traders make the mistake of being over active, of feeling the need to do something rather than just doing nothing. If the track record of the last few months in POG is anything to go by, there is a good chance to sell on the spikes and buy on the dips. I think as long as a macro-deflation is driving the market this trade should perform relatively well.
Modern money "shorts" the currency, and is backed by debt. The debt is real. A debt deflation will lead to a prolonged period of deleveraging, where the short-covering of currencies will strengthen currencies relative to asset prices. At the global level, in the FX market, central currencies will benefit from deleveraging at the expense of peripheral currencies. Due to instability and uncertainty, gold will benefit against all currencies as it continues to be re-monetized.

Hold on to your hats for hyper-deflation, where cash is king, and gold the King of cash.
[Silver? A Volatile Queen].

#4 DrBubb

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Posted 31 December 2008 - 10:45 AM

QUOTE (romans holiday @ Dec 31 2008, 06:31 PM) <{POST_SNAPBACK}>
I consider it a win-win situation for in the worst case scenario, if POG just continues to take off, I will still have cash in a bank account [I now mostly only have physical bullion as my core position]. I was thinking about buying producing miners but will leave that for further down the road. I see Goldmoney as a safer way to speculate a little.

My strategy will be to trade as less as possible... maybe only once a month or even less. I think many traders make the mistake of being over active, of feeling the need to do something rather than just doing nothing. If the track record of the last few months in POG is anything to go, there is a good chance to sell on the spikes and buy on the dips. I think as long as a macro-deflation is driving the market this trade should perform relatively well.


Sounds okay.
Personally, I will probably be trading some of the Juniors more actively than Gold, which I will treat as a "cash proxy".
We have had months of correction in Gold, and more months of correction, and a MUCH deeper retracement in the Gold shares.

I have some suggestions on DrB's Diary

The market is "bipolar", swinging back and forth from a focus on Inflation to Deflation. Bet on swings; and stay flexible. What are bipolar markets? See: http://tinyurl.com/GEI-Manix

#5 Pixel8r

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Posted 31 December 2008 - 11:00 AM

QUOTE (DrBubb @ Dec 31 2008, 09:42 AM) <{POST_SNAPBACK}>
Jim is an old friend of mine, who I have known for over 10 years, and so I am very pleased to have (finally) established this relationship.


Glad you now have this sorted and hope it brings in some revenue for GEI. The free storage for 6 months is a great incentive for people to use your link.



#6 id5

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Posted 31 December 2008 - 11:17 AM

QUOTE (DrBubb @ Dec 31 2008, 09:42 AM) <{POST_SNAPBACK}>
...
I thought we should have a thread on GEI where we can discuss the operation of GM accounts, and also provide some links into articles and comments by GM founder, James Turk.

Jim is an old friend of mine, who I have known for over 10 years, and so I am very pleased to have (finally) established this relationship.
..


If you could get Jim to sort out the mad $500,000 minimum deposit for a company I would take up the offer. I could understand it for a PLC but not for a small limited, I think that he is missing a trick there as there are lots of small companies that would or could use GM.
The market can stay irrational longer than you can stay solvent. - John Maynard Keynes

I must remember that investing is a marathon and not a sprint!

#7 DrBubb

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Posted 31 December 2008 - 11:20 AM

Yes.
It seems like all my commercialisation efforts are coming forward now at the same time.
There will be a donation button soon, too. ... and maybe some real ads after that.


The market is "bipolar", swinging back and forth from a focus on Inflation to Deflation. Bet on swings; and stay flexible. What are bipolar markets? See: http://tinyurl.com/GEI-Manix

#8 Pixel8r

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Posted 31 December 2008 - 11:30 AM

QUOTE (id5 @ Dec 31 2008, 11:17 AM) <{POST_SNAPBACK}>
If you could get Jim to sort out the mad $500,000 minimum deposit for a company I would take up the offer. I could understand it for a PLC but not for a small limited, I think that he is missing a trick there as there are lots of small companies that would or could use GM.


I spoke with him about this. It is to do with the amount of extra work they have to do for the CAP verification for companies. He thinks it maybe changing soon.



#9 stobar

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Posted 31 December 2008 - 11:35 AM

I already have a GM account. When are they going to sort out the login security issue on the homepage? This is quite bad IMO - and doesn't inspire confidence in the business...
Not a direct fault of JT but more whoever is reponsible for the website, although he is aware of the problem and should be getting something done about it.

#10 DrBubb

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Posted 31 December 2008 - 12:02 PM

QUOTE (stobar @ Dec 31 2008, 07:35 PM) <{POST_SNAPBACK}>
I already have a GM account. When are they going to sort out the login security issue on the homepage?


Can you summarise?
Or was it all on the other thread.

The market is "bipolar", swinging back and forth from a focus on Inflation to Deflation. Bet on swings; and stay flexible. What are bipolar markets? See: http://tinyurl.com/GEI-Manix

#11 Pixel8r

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Posted 31 December 2008 - 12:12 PM

QUOTE (DrBubb @ Dec 31 2008, 12:02 PM) <{POST_SNAPBACK}>
Can you summarise?
Or was it all on the other thread.


http://www.greenener...mp;hl=goldmoney

the trick is to use https://secure.goldmoney.com for all access. They are aware of the problem and are working on it.

Here is a message from James on the issue;

QUOTE
Thank you for your email. We are aware of this security issue and will rectify it when we release a new version of our website in the next few weeks.

In the meantime, we encourage all of our customers to bookmark the SSL-secured login page when they first open their account. The welcome email that is sent when the account is opened instructs them to do so.

In any case, there are other security features in place like the emailed PIN codes before value can be removed from a GoldMoney account and the ability to disable the addition of new bank accounts to a GoldMoney account. These options further protect the customer's funds in the case of a compromised account password.

Regards
James


#12 nicejim

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Posted 31 December 2008 - 02:45 PM

I have nothing against Goldmoney, I use it for silver, but I don't think it's a great place for trading. Bullionvault has smaller commission fees and you can set Stop Loss points or even use an automated trading "bot". There's always spread betting of course.


Bubb, the link to GoldMoney has an apostrophe tagged on the end of it. The GM referral processor might not recognise your ID.
If you're hanging on to a rising balloon, you're presented with a difficult decision - let go before it's too late or hold on and keep getting higher, posing the question: how long can you keep a grip on the rope?
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#13 Ziknik

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Posted 31 December 2008 - 02:54 PM

QUOTE (id5 @ Dec 31 2008, 11:17 AM) <{POST_SNAPBACK}>
If you could get Jim to sort out the mad $500,000 minimum deposit for a company I would take up the offer. I could understand it for a PLC but not for a small limited, I think that he is missing a trick there as there are lots of small companies that would or could use GM.


I asked BullionVault if they accept LTD Company Accounts

QUOTE (BullionVault)
Yes, you can maintain an account in the name of an company. For the validation, you will have to privide BV with:

- a copy of an photo ID of a Director
- a copy of a recent bank statement in the name of the company
- a copy of the confirmation of incorporation of the company

We here don't have a minimum nor maximum, you can start with as little as 1 gram = 19.29 right now.


#14 id5

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Posted 31 December 2008 - 05:07 PM

QUOTE (ziknik @ Dec 31 2008, 02:54 PM) <{POST_SNAPBACK}>
I asked BullionVault if they accept LTD Company Accounts


Thanks ziknik smile.gif

Diversification makes sense to me, company gold account with BullionVault and personal one with Gold Money, job done!

The market can stay irrational longer than you can stay solvent. - John Maynard Keynes

I must remember that investing is a marathon and not a sprint!

#15 Ziknik

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Posted 31 December 2008 - 05:45 PM

QUOTE (id5 @ Dec 31 2008, 05:07 PM) <{POST_SNAPBACK}>
Thanks ziknik smile.gif

Diversification makes sense to me, company gold account with BullionVault and personal one with Gold Money, job done!



Wait for DrBubb to join the referral scheme wink.gif

http://www.bullionva...ral_scheme.html


#16 wren

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Posted 31 December 2008 - 06:00 PM

QUOTE (ziknik @ Dec 31 2008, 07:45 PM) <{POST_SNAPBACK}>
Wait for DrBubb to join the referral scheme wink.gif

http://www.bullionva...ral_scheme.html

And it's easier and quicker to set up a BV account - and free like at GM.

DrBubb, you should set this up to get referral commissions from BV also.
Gold and financial news: 24knews
Video at guardian.co.uk: Gold for Food in Zimbabwe.
Video at YouTube: Buying groceries with silver in California.
Energy Bulletin A daily news site about oil, natural gas, food, transportation and their economic and social ramifications.

#17 wren

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Posted 31 December 2008 - 06:00 PM

duplicate post
Gold and financial news: 24knews
Video at guardian.co.uk: Gold for Food in Zimbabwe.
Video at YouTube: Buying groceries with silver in California.
Energy Bulletin A daily news site about oil, natural gas, food, transportation and their economic and social ramifications.

#18 Pixel8r

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Posted 31 December 2008 - 07:54 PM

QUOTE (ziknik @ Dec 31 2008, 02:54 PM) <{POST_SNAPBACK}>
I asked BullionVault if they accept LTD Company Accounts


Thanks for this info, have been looking to be able to do this.

DrBubb, any chance of doing a affiliation for BV as well?



#19 DrBubb

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Posted 01 January 2009 - 01:40 AM

QUOTE (Pixel8r @ Jan 1 2009, 03:54 AM) <{POST_SNAPBACK}>
Thanks for this info, have been looking to be able to do this.
DrBubb, any chance of doing a affiliation for BV as well?

Sure. I will look into it. Give me a day or two.
Personally, I prefer GM. That's because I know management.
In fact, I plan to discuss some mutual business opportunities with GM. I have an idea about how to use GM
in barter transactions. And I want to discss that with them, and also their marketing strategies in HK and China.
Maybe something will emerge from it.

The market is "bipolar", swinging back and forth from a focus on Inflation to Deflation. Bet on swings; and stay flexible. What are bipolar markets? See: http://tinyurl.com/GEI-Manix

#20 Mr P

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Posted 01 January 2009 - 11:55 AM

QUOTE (DrBubb @ Jan 1 2009, 01:40 AM) <{POST_SNAPBACK}>
I have an idea about how to use GM in barter transactions.


Like an extension/application of their gg payments system?




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