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GoldMoney / How it works, Jim Turk's comments

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GoldMoney thread / Jim Turk's comments, etc.

Using a GM acct., & following JT's interviews etc.

===================================================

 

Sign up here: gmy22.gif (with GEI "excalibur12" as referrer)

 

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

 

This aa4lv8.gif or aa3dr0.gif or aa5sn2.gif or aa5tm7.gif or gm6m2.jpg

 

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.

== == ==

 

goldly1718.jpg

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.... :

 

== == ==

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

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Chart

alert_2008-12-16.gif

 

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

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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.

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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

 

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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.

 

 

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...

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.

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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.

 

 

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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.

 

 

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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.

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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.

 

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Can you summarise?

Or was it all on the other thread.

 

http://www.greenenergyinvestors.com/index....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;

 

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

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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.

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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

 

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.

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I asked BullionVault if they accept LTD Company Accounts

 

Thanks ziknik :)

 

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

 

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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?

 

 

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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.

 

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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.

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.

 

I have been using GM for 95% of my purchases. It is just that you cannot open a ltd company account with them unless you can deposit $500,000.

 

I need to keep some reserves in my company and I feel gold is a better place to put it than a bank reserve account

.

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Like an extension/application of their gg payments system?

Nope. My idea is a bit complicated, and as far as I know, has not been done before.

Basically, it involves using gold as a PARTIAL backing for a barter currency. Won't say more yet.

I will explain it here once I have done a bit more research to see if it as workable as I think it can be.

 

I refuse to call transactions that involve the exchange of gold or silver 'barter'.

???

My idea may be different than you are thinking.

A barter currency could have Dollars, Euros, or Pounds as partial backing, but that would be backing one fiat

currency with another, and would also mean making the currency is more localised than I have in mind.

I want a currency that can be used in international barter transactions.

 

Give me some time to test the idea a bit more, to see if it really adds something otherr than unwanted

compexity.

 

I need to understand better the limitations of currency barter systems, and barter currencies.

 

If you are interested in this concept, please contribute to the new Barter thread:

http://www.greenenergyinvestors.com/index.php?showtopic=5461

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...

???

My idea may be different than you are thinking.

...

Yes. I was just referring to GM's gold payment system, which I wouldn't call barter. I haven't read up on your idea yet. Will do soon.

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JIM TURK - Has read our thread here - and here are his comments

======

QUOTE

Some very good feedback there. Thanks. A couple of points:

 

1) The way you explain the fee may lead to some misunderstanding by some customers. I would suggest noting that the customer pays no more, but you earn a fee. And the re-emphasize that the customer gets 6 months of free storage. In other words, make it clear that the customer is not paying more even though you are collecting a fee.

 

2) One of the posters seems to misunderstand the fees at Bullion Vault. They charge a commission plus you still have the bid/ask spread, which can be much larger than GoldMoney at times. GoldMoney does not charge any commission, and the bid/ask spread always remains the same because GoldMoney is a market-maker for our customers. Also, 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. There are other differences too between GoldMoney and BV.

 

I'm bullish on Gold and Oil too for 2009 as a whole.

 

Yes, this looks like it's going to be a big year for both. On a CNBC survey, the percent of people who expect oil to top $70 this year is zero %. Time for a contrarian view to that consensus opinion.

 

Regards

James

UNQUOTE

= = = = =

 

BTW,

He has agreed to answer questions put to him in writing,

So if you have any, please post them here, and I will pick the best ones, and maybe add a few of my own.

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