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drbubb

GoldMoney / How it works, Jim Turk's comments

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...when you sell in GoldMoney, you get the spot rate. With BV you may end up getting a rate below spot, which highlights a key disadvantage - it may be illiquid from time to time because you need to wait for someone willing to sell to you or buy from you.

 

This is why Ilike GM - The fees are higher on buying, but it's worth it to have the ability to sell your metal at spot price back to GM, anytime. Note however that there is a sell limit of 2000 gold grammes and 1500oz silver per day (at the current spot price).

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This is why Ilike GM - The commision is higher on buying, but it's worth it to have the ability to sell your metal at spot price back to GM, anytime. Note however that there is a sell limit of 2000 gold grammes and 1500oz silver per day (at the current spot price).

 

I believe that isn't quite true. You can sell more but the price is taken from the next London Fix price.

 

 

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I'm now pleased I delayed opening a GM account, I'm looking forward to some free storage and helping GEI.

 

Question for Mr Turk:

 

At the moment I'm in the process of finding a new SIPP administrator and do not wish to be tied to GMs' existing arrangement with Berkerley Burke, do GM have similar arrangements with other SIPP administrators?

 

Thanks

 

DrBubb, would you be interested in similar schemes with stockbrokers? I think they may be one good opportunity coming soon in this respect. If so I'll PM you my thoughts.

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I already have a GM account ... but I wouldn't if it weren't for GEI.

 

Is there any way my account can be tagged as a referral from GEI so that my transactions benefit the good ship GEI? I intend to buy lots of silver if we get a nice dip in the coming weeks.

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DrBubb, would you be interested in similar schemes with stockbrokers?

I think they may be one good opportunity coming soon in this respect. If so I'll PM you my thoughts.

Yes, please do. Especially if you use their service, and can recommend it.

 

I already have a GM account ... but I wouldn't if it weren't for GEI.

Is there any way my account can be tagged as a referral from GEI so that my transactions benefit the good ship GEI? I intend to buy lots of silver if we get a nice dip in the coming weeks.

 

I doubt it. But there might be a chance, if it is not already tagged to someone else.

Perhaps I will put this to GM's marketing guys. (Thanks for thinking of that.)

 

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I have just tried to take advantage of this referral scheme and discovered that GEI does appear in the list of referrers.

Has anyone here succeded registering under this referral scheme?

 

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If you do registered, dont forget to buy some gold, since you have only 6 months of free storage.,

and you may miss out on price rises

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Thanks, Dr.Bubb;

 

I have just followed the link from your original message and it worked fine. In fact, they gave me free storage until September i.e. 8 months instead of 6.

Will deposit the funds very soon.

 

Does anyone know how much (if) the UK banks charge for wiring GBP funds to Jersey?

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Thanks, Dr.Bubb;

 

I have just followed the link from your original message and it worked fine. In fact, they gave me free storage until September i.e. 8 months instead of 6.

Will deposit the funds very soon.

 

Does anyone know how much (if) the UK banks charge for wiring GBP funds to Jersey?

 

No the BACS payments to GM are free from most banks I think, they are with my cahoot account anyway.

 

 

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Sometimes I have sent GM money like 8 or 9 AM on a Monday morning, and I could already buy/reserve physical metal at 10 or 11 AM. Excellent.

 

If anyone ever had a problem sending money from an RBS account to GM's RBS account, let me know. I had a truly Kafka-like moment with that, and until today I am not able to send GM money on their RBS account, and I have to use an old account of them (with Barclays or Lloyds, I think). In essence, RBS could not 'see' GM's own RBS account: I could not 'see' it on RBS online, and my own local RBS branch could not either (could not create the 'payee' with GM's account number). It was/is absolutely bizarre. But so far it has been no problem since I could use the other account. If the ever close it, I am screwed. I didn't bother James personally with this, and GM staff did what they could. But I know now that there is a major flaw somewhere in the RBS IT unit. (I think somewhere in the depths of GEI there even is a screenshot proving my story. I must have posted this months ago.)

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Just listening now... Latest CW Radio

2009 : The View From Across The Pond

http://commoditywatch.podbean.com/2009/01/...cross-the-pond/

Wow, Jim's Bullish on PM's. Especially on Silver ($30!)

 

Prices Now:

Current Spot Rates: Gold: $28.2104/gg or $877.40/oz Silver: $11.6200/oz

 

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Just listening now... Latest CW Radio

2009 : The View From Across The Pond

http://commoditywatch.podbean.com/2009/01/...cross-the-pond/

Wow, Jim's Bullish on PM's. Especially on Silver ($30!)

 

Prices Now:

Current Spot Rates: Gold: $28.2104/gg or $877.40/oz Silver: $11.6200/oz

 

I hope he's right, I feel a bit overweight in silver at the moment :lol:

 

 

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Me too. G & S roughly = in £ value. That's why Bob Hoye's comments freak me out. Anyone else thinking to bail/cutback/swap for gold on silver March April? I may swap.

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Me too. G & S roughly = in £ value. That's why Bob Hoye's comments freak me out. Anyone else thinking to bail/cutback/swap for gold on silver March April? I may swap.

 

I am attempting to us the gold/silver ratio to increase total metal holding with GM. Swapped some a bit to early at 72 will swap some back at 50. Don't want to hold cash so it seems a good way to trade while the ratio is shifting. I am thinking end of March may be around the right time.

 

It does bring security hearing JT saying it should swing between 75 and 45 this year.

 

Here's a good live ratio

 

http://www.thebulliondesk.com/freecharts/f...2f-93f266b08adf

 

 

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I have been considering making an allocated silver purchase for a while, and this has convinced me to go ahead (nice one Dr B.)

 

However, I have run into the paperwork or 'CAP' problem. Unfortunately I do not have a buddy that earns a living as a police officer, government or embassy official, judge or professionally-qualified accountant/actuary so I am struggling with finding a way to to verify my ID. Does anyone have advice on how I shall proceed? Is my only option to book an appointment with an accountant and if so, how much is it likely to cost.

 

I would appreciate some anecdotal advice from GEI colleagues who have jumped this hurdle.....

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I have been considering making an allocated silver purchase for a while, and this has convinced me to go ahead (nice one Dr B.)

 

However, I have run into the paperwork or 'CAP' problem. Unfortunately I do not have a buddy that earns a living as a police officer, government or embassy official, judge or professionally-qualified accountant/actuary so I am struggling with finding a way to to verify my ID. Does anyone have advice on how I shall proceed? Is my only option to book an appointment with an accountant and if so, how much is it likely to cost.

 

I would appreciate some anecdotal advice from GEI colleagues who have jumped this hurdle.....

I think GPs can do it as well.

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I think GPs can do it as well.

 

 

Yep, them and accountants, etc normally have a set fee for this sort of thing.Check with GM, but you may just be able to take it down your bank for a manager to do to.

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I think GPs can do it as well.

Thanks GF, but I'm not so sure. I don't think a GP counts as a "notary public" in the UK.

 

Eligible signatories for CAP form:

http://goldmoney.com/en/cap.html

a member of the judiciary, a senior civil servant, or a serving police or customs officer

an officer of an embassy, consulate or high commission of the country of issue of documentary evidence of identity

a lawyer or notary public who is a member of a recognised professional body

an actuary who is a member of a recognised professional body

an accountant who is a member of a recognised professional body

an individual that is qualified to undertake certification services under authority of the Certification and International Trade Committee (in Jersey this service is available through the Jersey Chamber of Commerce)

a director, officer, or manager of a regulated financial services business which is operating in a well-regulated jurisdiction, or of a branch or subsidiary of a group headquartered in a well-regulated jurisdiction which applies group standards to subsidiaries and branches in compliance with such standards.

 

Definition of notary public:

http://en.wikipedia.org/wiki/Notary_public

Currently to qualify as a Notary Public in England and Wales it is necessary to have taken a law degree or qualified as a solicitor or barrister in the past five years, and then to take a two year distance learning course while gaining practical experience: which would usually be with a solicitor notary. The few who go on to become Scrivener Notaries require further study of a foreign language and foreign law.

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a director, officer, or manager of a regulated financial services business which is operating in a well-regulated jurisdiction, or of a branch or subsidiary of a group headquartered in a well-regulated jurisdiction which applies group standards to subsidiaries and branches in compliance with such standards.

Doesn't that include a bank manager?

 

I don't know how it works with notaries public in the UK. Here in Finland I went to the local city offices which have notaries public (cost me only two or three euros).

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Seeing a Notary

 

 

What does it cost?

 

There are no set charges although The Notaries Society reminds its members that they should charge a proper fee which is appropriate for the level of service offered and which will enable them to meet the cost of acting properly and in accordance with the Rules made by the Faculty Office and with the demands of good professional practice. For most matters the Notary should be able to tell you his fee in advance. For more complex matters he will tell you how his fee will be assessed – usually based on how long he will have to work on your matter. There may be fees to pay to third parties, such as the Foreign Office or an Embassy.

 

http://www.thenotariessociety.org.uk/

 

 

 

 

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I have been considering making an allocated silver purchase for a while, and this has convinced me to go ahead (nice one Dr B.)

 

However, I have run into the paperwork or 'CAP' problem. Unfortunately I do not have a buddy that earns a living as a police officer, government or embassy official, judge or professionally-qualified accountant/actuary so I am struggling with finding a way to to verify my ID. Does anyone have advice on how I shall proceed? Is my only option to book an appointment with an accountant and if so, how much is it likely to cost.

 

I would appreciate some anecdotal advice from GEI colleagues who have jumped this hurdle.....

 

If you are in the UK, you might try visiting GM's office there, assuming they have one

 

Else, maybe someone here can find a party in London who will do it for Pds.5.00 and a cupp of coffee.

(Bubble Pricker maybe? Though I just put him on a bus to go to the airport, on his way to Korea.)

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Thank you all for your valuable comments.

 

I will ring around some local notaries and pick the one who quotes the least. I will let you know what they are charging.

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