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GoldMoney / How it works, Jim Turk's comments

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Imminent introduction of selling fees? That email must have missed me.

Could you paste the contents of said email here? Thanks.

Sorry can't find the email currently.

 

They made a small change to their terms and conditions for sales, which said there may be a small fee. They said that it is not their intention to move over to charging but that it was to cover them for certain situations.

 

I just found this on their website;

 

* In exceptional circumstances, GoldMoney may charge a sell fee. The purpose is to provide liquidity to the seller regardless of market conditions. For example, during rare events such as extreme market conditions, we may need to sell to a bullion dealer the metal that we purchase from a customer. If the dealer charges a fee that GoldMoney cannot reasonably absorb, the fee would be passed on to the customer. In keeping with our longstanding policy of full disclosure, if a sell fee is ever imposed, you will be advised of the fee before you transact, thus giving you the choice whether or not to proceed with the sale.

 

 

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Americans need to report their GoldMoney accounts

 

the Financial Crimes Enforcement Division of the IRS has just issued a new interpretation of the regulations. Bottom line: GoldMoney counts. If another human being or firm takes charge of your gold and holds it in custody, this constitutes an FFA and triggers reporting requirements.

 

/more: http://www.greenenergyinvestors.com/index....showtopic=14438

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I've had a look on the Goldmoney site and it says the storage fee is 0.18% of your investment per year. Is that all that they charge you, apart from the fact that you pay a little over spot when you buy your gold from them? If I open an account with them I just want to make sure I am not missing something that's going to cost me loads in the future. I know that you'd have to pay CGT at 28% as you can't buy coins with them.

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I've had a look on the Goldmoney site and it says the storage fee is 0.18% of your investment per year. Is that all that they charge you, apart from the fact that you pay a little over spot when you buy your gold from them? If I open an account with them I just want to make sure I am not missing something that's going to cost me loads in the future. I know that you'd have to pay CGT at 28% as you can't buy coins with them.

Yes that is correct, you pay the commission for buying and then there is a monthly storage fee charged which is 0.015% of the gold stored. There is no fee for selling.

 

Also remember that you only pay CGT on the profit which is above you yearly allowance, careful management can mean you don't pay any CGT.

 

 

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Yes that is correct, you pay the commission for buying and then there is a monthly storage fee charged which is 0.015% of the gold stored. There is no fee for selling.

 

Also remember that you only pay CGT on the profit which is above you yearly allowance, careful management can mean you don't pay any CGT.

 

Thanks Pixel8r, it sounds like a good option.

 

I looked at the different accounts and the basic one sounds better for me as I doubt I'd invest the equivalent of $150k and all i'd want the account for is to save cash/gold and then transfer it out when the time is right. Are there any other drawbacks to the basic account that aren't obvious on the site?

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Thanks Pixel8r, it sounds like a good option.

 

I looked at the different accounts and the basic one sounds better for me as I doubt I'd invest the equivalent of $150k and all i'd want the account for is to save cash/gold and then transfer it out when the time is right. Are there any other drawbacks to the basic account that aren't obvious on the site?

I would just upgrade to the full account as it makes things easier, you never know when you would like to do something that is restricted by the basic account. When I opened my account with them there was only the full account and the cap form took a while to get completed and verified. It is no problem to do these days and can be done online in not much time.

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I would just upgrade to the full account as it makes things easier, you never know when you would like to do something that is restricted by the basic account. When I opened my account with them there was only the full account and the cap form took a while to get completed and verified. It is no problem to do these days and can be done online in not much time.

 

I think I'll open the basic one to start with as I can put cash into it straight away. I'd have to hunt down a dignitary to get my passport etc. signed off as I don't know any personally so that will take extra time too.

 

Do you see Goldmoney being a risk in any scenario, such as if GBP hyperinflates? Would you be looking to sell your goldmoney holdings before hyperinflation (and investing it straight away into something else such as property) or would you ride HI out and keep your GM holding all the way through?

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The latest from Sovereign Man

 

Sovereign Man

Date: October 11, 2011

 

About two weeks ago, GoldMoney sent out an apologetic email to all of its Dutch customers. The email explained how the Dutch financial regulator (AFM) considered GoldMoney to be in violation of various licensing rules and compliance requirements.

 

Among other things, AFM indicated that GoldMoney was selling 'investment objects' without a license... something that they consider a heinous breach of their silly bureaucracy.

 

Now, there are so many technicalities involved here-- whether physical metal constitutes 'investment objects' anymore than a collection of 80s action figures or a cellar of fine Bordeaux. Then there's the jurisdictional issue-- GoldMoney doesn't even operate in the Netherlands, nor does the company sell its own inventory. Etc., etc.

 

None of these points seem to matter; the regulators have spoken, and as a consequence, GoldMoney is now closing the accounts of every customer living in the Netherlands.

 

It's always troubling when governments go after firms like GoldMoney. The more signs I see, the more I'm starting to believe that we're heading down a path where precious metals are once again confiscated, outlawed, or at least severely restricted in many countries.

 

Let's start with the why. What possible sense would it make to reduce or restrict gold ownership?

 

Simple. The modern financial system is a complete joke. Money is conjured from thin air, backed by false promises from bankrupt governments. Then there's the fractional reserve swindle, centrally planned interest rates, government-produced inflation, manufactured statistics, insane credit and sovereign debt bubbles, etc.

 

It's a total fraud... and like any good con, it depends on just that: confidence.

 

In order for a system based on -nothing- to perpetuate, it's imperative that it commands the confidence of the people within it. And people in rich western countries have been programmed since birth to believe that the colored pieces of paper circulating around in their economies are intrinsically 'valuable'.

 

It's funny, because developing countries already know it's a scam. They don't trust their governments, and they don't trust those silly pieces of paper either. Out here in Asia is a great example-- most of the region is very gold-oriented. They use paper as a medium of exchange, but it's a cultural norm to save with gold.

 

In fact, when I walked into an Internet cafe earlier today here in Thailand, I noticed quite a few people at the computers checking out live gold charts (from Kitco).

 

People in western countries are just starting to get it... and as more people peek behind the curtain to see the true crimes being committed, the system will be finished.

 

The gold price is a constant reminder that the fiat financial system is a con job. And the higher the gold price becomes, the more people become aware. The political establishment will do whatever it takes to maintain the status quo, and it's possible that precious metals restrictions will become a tactic:

 

Step 1: Just make gold 'harder'. To buy. To transport. To own.

 

Think about the changes we've seen over the last two years; government-regulated exchanges are continually hiking their gold margin requirements, increasing investors' burden to buy.

 

On the physical side, the US government buried some insane regulations deep within last year's healthcare bill. The new rules required a mountain of paperwork such that anyone who purchased a single ounce of gold from a coin shop would have to submit a special 1099 form to the IRS.

 

(The rule was later modified under intense pressure from various lobby groups, but it still gives you a good idea of what these people are thinking...)

 

Then there's the new Dodd-Frank legislation that makes it nearly impossible for US citizens to trade securities and commodities from overseas accounts beyond the reach of the federal government.

 

Then there's the Liberty Dollar debacle in which the US government used obscure counterfeit laws to seize millions of dollars of silver coins that were owned by the firm's customers!

 

Then earlier this year, the Financial Crimes Enforcement Network (FinCEN) issued new guidance requiring that US taxpayers who hold gold in certain offshore financial accounts report such holdings on their annual FBAR. Conveniently, this ruling put up a barrier for Americans to use GoldMoney.

 

GoldMoney's battle with the Dutch regulators is just another example of governments making gold ownership more cumbersome.

 

Step 2: Plant seeds of doubt

 

We're seeing signs of this as well. "Prominent" economists have been pounding the table against precious metals with vigor, and the propaganda ministry is focusing its efforts on gold's recent price drop to make people believe that it's dangerous to buy.

 

This recent media clip in which a reporter extols the virtues of the US dollar being backed by the federal government says it all. It's already begun, and we should expect more.

http://www.sovereignman.com/expat/gold-confiscation#video

 

Step 3: Tie gold to terrorism. Plant evidence.

 

Here are two incontrovertible facts: Westerners are petrified of Arab terrorists. The Arab world is a very gold-oriented society. It wouldn't take much effort to link the two by suggesting (and planting evidence) that terrorists use gold to move money and finance their operations.

 

This will be surely be the next step... and if we start seeing this, you can bet your last ounce that restrictive controls are coming.

 

So what to do...?

 

If you live in a broke western nation, whatever you do, don't store your gold in a bank safety deposit box. Bankers are unpaid government spies, so you might as well hang a sign up that says "please seize my assets".

 

Ideally you want to move your gold out of the country. We've talked about anonymous boxes in Vienna's Das Safe facility in the past, as well as Hong Kong's The Storage. Both of these are great options to buy and store gold.

 

If you really want to take action, moving and storing gold overseas is a frequent topic in Sovereign Man: Confidential. If you subscribe today with a risk-free trial, you'll get immediate access to our comprehensive 'offshore gold' intelligence, including unique solutions and members-only discounts with providers.

 

Until tomorrow,

 

Simon Black

Senior Editor, SovereignMan.com

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Jim Turk (of GoldMoney) - interviewed by Kim Greenhouse

 

MP3 : http://media.blubrry.com/itsrainmakingtime/p/itsrainmakingtime.com/_radioshows/121009Turk.mp3

 

James Turk joins us again to discuss the current fiat currency bubble that we are in, the conditions of Spain and Greece and several aspects of the Goldmoney system that are new. As the chairman of the Goldmoney Foundation and Goldmoney, Mr. Turk lays out how it is that conventional wisdom in finance and economics which assert that “gold is risky, volatile and has no role in a portfolio” is a myth. Governments often perpetuate certain myths that keep investors, wealth creators, financial planners, and CPAs in the dark about the safety and wisdom of investing in gold. I ask him hard-hitting questions about the nature of free markets, shorting stocks and how the current libor scandal has impacted gold. Mr. Turk lays out the fiat currency bubble and shares a wealth of information and experience about how and why the stewardship of Goldmoney and the Goldmoney Foundation is the key to its success and safety. If you are concerned about what to do with your money, currency, assets, and investments, and are looking for a safer and smarter way to protect your purchasing power and grow your wealth, listen to this interview.

 

/see: http://itsrainmaking...012/jamesturk2/

 

(You can also click on the GoldMoney Link above to buy Gold)

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I have gotten rid of that annoying empty space at the top of the page

 

As something NEW for 2013 :

I have changed the Ad Column - to get rid of the Old Google Ad banner, which was not showing up anyway.

 

COMMENTS?

Do people like the streamlined change ??

GEI no longer has a source of revenues, and so the Founder is paying for all the hosting now,

and the other costs as well.

 

Maybe I should revive the Donate Button (?)

 

Presently, the ways to support the site are to:

=====

+ Click on the Elliottwave Special Reports banner, and buy one of EWI's products

+ Join the EW Club

+ Buy some Gold or other precious metals from Gold Money

+ There may be some small reward from someone signing up with EWMS (but nothing has come yet)

 

 

GEI gets nothing from the other buttons on the website. There are there as a free service for members

 

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Bump

Checking this old thread as part of switch to new software

====

Any big GM users here?

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