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GoldMoney / How it works, Jim Turk's comments

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MERCHANT LIST ?

 

Does anyone have a list of Merchants that accept GoldMoney?

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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.

 

This came up for our emigration documents.

I don't think you need a notary public. We just got our solicitor to certify our documents for about £5.

 

In NZ the local police station do it for nothing :D

 

--------

 

Added:

I believe notarising is rather heavier than certifying. You only need certifying.

 

an individual that is qualified to undertake certification services under authority of the Certification and International Trade Committee

 

Assuming you used a solicitor for a house purchase/sale, just ask them.

 

Ahh, I've just remembered that we had to use another solicitor to ours so their was no conflict. So I think most solicitors can do it cheaply.

Make sure you say you need some documents certified, otherwise they'll say "oooh we can't notify documents" !

 

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Hi, just to update you - notaries are quoting an hours work to sign the CAP form , which is a pretty standard £60.

Nice work if you can get it!!!!

Like I said, it cost me 3 euros or less here in Finland with the local notarius publicus in the City offices.

 

From what I hear it's not as if you in the UK are so much freer from the publicanus notoriosus either.

 

Rip-off Britain. :(

 

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Like I said, it cost me 3 euros or less here in Finland with the local notarius publicus in the City offices.

 

From what I hear it's not as if you in the UK are so much freer from the publicanus notoriosus either.

 

Rip-off Britain. :(

 

Its not as if our City offices aren't large enough already! What does everyone do in them??

 

Lots of people with 'non-jobs' rather than doing useful things.

 

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Hi, just to update you - notaries are quoting an hours work to sign the CAP form , which is a pretty standard £60.

Nice work if you can get it!!!!

Stay away from notaries. Try your local banker

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Sure. I will look into it. Give me a day or two.

Personally, I prefer GM. That's because I know management.

 

Beware, lots of people thought Madof was a good guy and we all know where that led.

 

Not saying that JT is a crook, far from it. Just that most con artists appear professional and charming - you will rarely meet a rude con man! Appearances can mean nothing.

 

GM is FSA regulated and deposits are protected.

 

BV seems to be regulated by the Police ! Phone 999 if something goes missing!

 

But I agree with the idea of diversification and a BV link would make sense.

 

Shame I already opened a GM a/c a couple of months back, else would have been pleased to have given GEI the intro credit.

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Stay away from notaries. Try your local banker

 

I got my local accountant to do my form, didn't cost me anything and was accepted first try.

 

 

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Am I missing something or has the world gone mad :blink::unsure:

 

Opening a GM account is the same as opening a bank account.

You provide details of who you are, and you have to provide evidence to back that up.

Usually 2 documents. One for address, one for ID.

 

Often people send the originals, which is fine for your electricity bill, but not a good idea if it is your passport !

 

So you need to send a copy of your passport.

For that copy to be accepted, it has to be CERTIFIED.

 

I say again CERTIFIED. NOT something that has to be done by a NOTARY.

 

Someone like a solicitor just looks at the original, and the copy to make sure "it is a true likeness", then stamps it with their official stamp, writes the correct words on it, and signs it, including their details (name, address, firm).

 

That's all their is. We got a whole pile done for about £10.

 

I have done this for countless bank accounts, for emigration, and for GM.

 

Those who have done it for us are:

1. Our local solicitor - the one we bought and sold our house through - FREE

2. Another local solicitor - for something that required an independent certification to be done - about £10 for a pile

3. At a local NZ police station, who just stamped it and wrote on it what I asked them to - FREE

 

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Am I missing something or has the world gone mad :blink::unsure:

 

Opening a GM account is the same as opening a bank account.

You provide details of who you are, and you have to provide evidence to back that up.

Usually 2 documents. One for address, one for ID.

 

Often people send the originals, which is fine for your electricity bill, but not a good idea if it is your passport !

 

So you need to send a copy of your passport.

For that copy to be accepted, it has to be CERTIFIED.

 

I say again CERTIFIED. NOT something that has to be done by a NOTARY.

 

Someone like a solicitor just looks at the original, and the copy to make sure "it is a true likeness", then stamps it with their official stamp, writes the correct words on it, and signs it, including their details (name, address, firm).

 

That's all their is. We got a whole pile done for about £10.

 

I have done this for countless bank accounts, for emigration, and for GM.

 

Those who have done it for us are:

1. Our local solicitor - the one we bought and sold our house through - FREE

2. Another local solicitor - for something that required an independent certification to be done - about £10 for a pile

3. At a local NZ police station, who just stamped it and wrote on it what I asked them to - FREE

 

Cheers Steve, I will try this service that you point out in The Gold ThreadTM. I was not aware of the difference between notifying and certifying a document.

 

http://www.postoffice.co.uk/portal/po/cont...ediaId=52100693

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Beware, lots of people thought Madof was a good guy and we all know where that led.

 

Not saying that JT is a crook, far from it. Just that most con artists appear professional and charming - you will rarely meet a rude con man! Appearances can mean nothing.

 

GM is FSA regulated and deposits are protected.

BV seems to be regulated by the Police ! Phone 999 if something goes missing!

But I agree with the idea of diversification and a BV link would make sense.

Shame I already opened a GM a/c a couple of months back, else would have been pleased to have given GEI the intro credit.

You are right to raise that. Dont rely on me. Do your own due dilligence.

I trust my own instincts, but as you rightly point out, that doesnt mean that others should too.

The Madoff comparison is not valid. Plenty of investors looked at Madoff's operation and walked away.

Let us know if anyone has done that with GoldMoney?, and what their reason were, if possible.

 

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...

GM is FSA regulated and deposits are protected.

 

BV seems to be regulated by the Police ! Phone 999 if something goes missing!

...

This simply means that you should store too much currency with BV, and instead focus on storing gold with them (which, I think, is the idea anyway). Also, if you have a large amount of gold to sell, sell in tranches and transfer money in tranches. That way not all can get lost if one of the involved banks fails. I think it is actually a clever move of BV that they're not regulated by the FSA. No credit risk, no FSA.

 

EDIT: In general, diversification is they key. That means: financial diversification, geopolitical diversification, and operational diversification.

 

Example: You store gold with BV and GM in Zurich. Ooops, that means it's in the same vault in Zurich, operated by the same vault operator (Viamat). I.e. if Zurich gets nuked or Viamat goes Madoff, it could be bad. Hence, better have some gold, some silver, some in Zurich, some in London, and some with GM or BV, and some not with them.

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Cheers Steve, I will try this service that you point out in The Gold ThreadTM. I was not aware of the difference between notifying and certifying a document.

 

http://www.postoffice.co.uk/portal/po/cont...ediaId=52100693

 

I hate to see people being charged £60 if they can get it for a lot less ;):D

 

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I'm now CAP registered and planning on averaging into silver over the next month or two. :)

 

Thanks to all for the advice on certifying the paperwork. In the end I got the husband of a work colleague to sign it for free (he turns out to be a qualified actuary). Now I understand how she can pay for all those expensive shoes and handbags!

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No, James asked me if he could arrange for me to be interviewed by a reporter, who was writing a story about goldmoney, as a customer of his.

 

Please give us a look at the final product : on the GM thread

 

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I'm now CAP registered and planning on averaging into silver over the next month or two. :)

 

Thanks to all for the advice on certifying the paperwork. In the end I got the husband of a work colleague to sign it for free (he turns out to be a qualified actuary). Now I understand how she can pay for all those expensive shoes and handbags!

 

I am still waiting on CAP registration.

 

I was thinking about silver, as it is more volatile [ approx 7% in the last day compared to 3% in gold]... but then I am in a mind to stick with gold... which I feel I know better. Also, the buying fee puts me of silver a little. I believe it is something like 4.25% compared to near 1% for gold. The other reason I am a little more confident with gold is there is always a slightly speculative element to silver... but then perhaps that is a desirable quality if trading it.

 

Good luck.

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I am still waiting on CAP registration.

 

I was thinking about silver, as it is more volatile [ approx 7% in the last day compared to 3% in gold]... but then I am in a mind to stick with gold... which I feel I know better. Also, the buying fee puts me of silver a little. I believe it is something like 4.25% compared to near 1% for gold. The other reason I am a little more confident with gold is there is always a slightly speculative element to silver... but then perhaps that is a desirable quality if trading it.

 

Good luck.

 

I'm keen on silver at the moment because the gold-to-silver ratio is up past 75. It has a mean since 2000 of 65.6.

 

I think this is a good chance to buy silver and then swap it for gold when the ratio is lower (metal-to-metal exchange costs 2%). I've posted a chart on the silver thread showing how abnormally high this ratio is at the moment.

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Finally my CAP verification came through from goldmoney! :DB):rolleyes:

 

Why am I so joyous you may ask. Sadly, I have had to park funds in the NZ dollar for a few weeks [after selling some bullion] while waiting on the process. The kiwi has slid from around 59 to 55 [against the US dollar]... nearly 10%. :o

 

Luckily I sold the bullion at the last peak and POG in US dollars has also slid comparatively. My main concern now is to get out of NZ dollars and into US dollars on goldmoney.... which I will be doing bright and early in the morning. :)

 

 

I just do not trust many currencies now and only feel "relaxed" in gold. I think a very infrequent trade of the volatility between gold and the US dollar will be a good one as they fight it out in the market... a fight, I believe, which gold will win in the end.

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I'm keen on silver at the moment because the gold-to-silver ratio is up past 75. It has a mean since 2000 of 65.6.

 

I think this is a good chance to buy silver and then swap it for gold when the ratio is lower (metal-to-metal exchange costs 2%). I've posted a chart on the silver thread showing how abnormally high this ratio is at the moment.

Yep, makes sense to me. I have some physical silver [slightly speculative imo being the confirmed deflationist I am]... but mostly gold. My main reason for also using goldmoney is to trade [infrequently] the volatility.

 

I take it you are not planning to trade between currencies and only seek storage and then trade for gold at a much later date when the ratio is favorable?

 

 

Edit: silver is so cheap at the moment it is going to be a tough decision on which to buy. Hmmm ... maybe split my funds between them..... but then I want to keep things as simple as possible if I am to trade the volatility say once every month or two. :)

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I take it you are not planning to trade between currencies and only seek storage and then trade for gold at a much later date when the ratio is favorable?

 

Thats the plan, for sure. I'm happy to speculate a little on owning some silver - more risk but more potential upside. I've liked silver for a while but couldn't face the problems of storage or VAT, which allocated ownership through GM resolves.

 

Edit: silver is so cheap at the moment it is going to be a tough decision on which to buy.

 

Silver is cheap in $ certainly. The £/$ exchange rate is now really worrying me though (now 1.39). I bought most of my gold at around 2.0-2.1 exchange and this has served me well as sterling has collapsed. I'm a little worried about buying more silver at the moment given the exchange rate is so unfavourable.

 

 

 

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When I opened up a GM account back in 2007 I ended up paying £80 :unsure::huh::o for a solicitor to authorise my documents because I couldnt find a notary and my bank refused to do it. I think I also forgot to fill something out on the form so that took an extra few weeks for them to sort out once I sent the forms in.

 

Anyway GM does seem to provide a very good service so far, I moved all of my silver from the London vault to the Zurich one when they setup silver storage in Zurich last year. In hindsight I probably should have done it half and half for diversity.

 

I also have a BV account, but last year I pulled out all of my initial investment and just left the profits behind. I moved all the rest over to GM. I dont know why, but I suddenly got a bit worried about BV's status as a UK registered company, - probably unnecessary though, because BV is also a very good way to buy and store gold.

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Anyway GM does seem to provide a very good service so far, I moved all of my silver from the London vault to the Zurich one when they setup silver storage in Zurich last year. In hindsight I probably should have done it half and half for diversity.

That's what I did: bought a lot of silver before they opened Zurich, but now I only buy there and accumulate more.

I also have a BV account, but last year I pulled out all of my initial investment and just left the profits behind. I moved all the rest over to GM. I dont know why, but I suddenly got a bit worried about BV's status as a UK registered company, - probably unnecessary though, because BV is also a very good way to buy and store gold.

I used BV before I started GM as well (for the silver). I won't sell anything. Very good service, and much better for trading (although, I don't trade at all). Diversifying into different good services is the best anyway.

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Managed to open an account fully, I failed the onine check, I presume because I've just moved house. A random solicitor around the corner from me signed a photocopy of my passport for £10. They must get asked this a lot, as he appeared to have a pre-worded rubber stamp for everything... I sent that along with a copy of a "we're sending the boys around" water bill to them.

 

Have wired some cash from my bank (cahoot) and intend to get some silver when it clears. Obviously, travelling at near the speed of light means it takes three days. I have enough gold at the mo in BV, so plan to use GM for mainly silver for the mean time.

 

Cheers for sorting out the free storage DB

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Finally got round to getting a photocopy of my passport notarised today.

The post office refused to do it as part of their identity verification service :(

Ended up paying £40 to get a notary public to do it which is a total rip off but seemed the only way

Much prefer bullionvault.com approach very quick/easy/cheap

 

Interestingly the notary exclaimed this was the second one he had done for goldmoney that day and had done many more previously. He initially asked "what rate of interested do they pay?". He looked rather puzzled when I said they store gold/silver bullion for you... then after thinking about it said.. hmm maybe i should get one of those accounts too.

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GEI-ers,

Let's find someone on London (any maybe the rest of the UK)

who will do this cheaply!

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