No Goldmoney.com At The End Of The Rainbow

No Goldmoney.com At The End Of The Rainbow



good day everyone suit-and-tie here a lot of you probably know my brother suit yourself from his channel here on YouTube a little while back he got by a company named old money here is himself to tell you all about it so one of my patrons wanted to donate some extra money just straight it up to me and this is how I heard about gold money so I did check it out and it just didn't appeal to me they wanted everything you know from my jock size to – what color my skid marks are and it was just like look I'm not interested no so I passed and I just let it be I didn't wasn't wasn't interested Oliver this patreon decided to go ahead and contact the staff and the staff replied and they said yes we do respect you know the person's right to be anonymous and we only send the email address not their name so I was like yeah okay fair enough but even then I was like you know what now I don't need to sign up for yet another flippin thing but the issue is these cons allow people to donate and send money to a users address email address even if that user has not signed up so this poor patreon has sent me money money that I can't get access to unless I sign up so I begin to sign up and of course it's free to sign up no problems and I'm thinking well they don't really need to know everything about me because someone's sending me money it's not like I'm sending someone else money so I'll just give my email address and in my bank account collect it and be done oh no that's not good enough no they want everything they want to know they want photo ID name address all that jazz how many times a day you wipe your ass and the rest of it and it sits there for a few days before it's verified and you can't do anything about grabbing that money unless your account becomes verified so Jesus Christ so you have to give you real name of course of course you do to a site you don't know and it eventually becomes verified and unlike your beauty I can now login and transfer that twenty bucks over to my account Thank You mr. patreon you know I appreciate that no I'm not even allowed to do that I can't transfer anything out unless it is fifty dollars really or fifty three or whatever the it is really there's money sitting there that I can't touch because you want to put a limit on it oh boy you don't know how much you ever really piss me off I was planning on using you guys promoting you guys but with this I will tell people stay away from gold money.com don't bother it's not work the effort in some of those wankers are people like gold money calm could have now decided to suspend my account because of the video I did reviewing them holding twenty dollars twenty dollars it was donated to me so now they stolen from a disabled person brilliant now IV none of them I've let them nursery Twitter and various other means and if then I'm going to throw that twenty dollars into my account twinkle and settlers donated to me from one of you guys then I might have to look into doing a viral video of some type about God money stealing twenty dollars from a disabled person what they've done to my brother is really up it's got me really pissed to off but anyway we decided to look into gold money calm a little bit and I found this video here first I do want to talk about gold money David is known for talking about gold money he has been talking about gold money for a long time and well let me just u.s. pitch and conclusions I put a link in the description below to gold money they are in my opinion the easiest way to buy gold if you've ever paid for a you know like a utility bill a cable bill with a credit card or with a bank account that's how easy it is to buy gold through gold money and it's insured and the price has always within 1% of the spot price which is important so with gold money it is insured and protected by Brinks and when you sell your gold within minutes those funds are pushed onto a free MasterCard they give you and then you can take the money out in ATM or you can spend it anywhere see that's the gold money card okay you sell your gold and the money goes onto a debit card that looks like it works out well to pay small bills and case you want to buy some merchandise however that's not going to work well if you need ten thousand or twenty thousand dollars to make a down payment for a house or something so if you need to cash in on a larger portion of your gold assets that's going to be a problem I'm going to get into that a little bit later and also with gold money you can redeem up to 100 percent of your balance as gold coins or gold bars aside from Bitcoin and aetherium gold money is something that I've researched more than almost any other thing in FinTech I've gone up to Toronto a couple times when I was in Europe I noticed there b-fit money 2020 and Copenhagen big presentation booth right next to JP Morgan's so there's a lot of money back in gold money it's a publicly held company in Toronto which means there's a lot of oversight I know that some very wealthy billionaire families are invested in it and it's a company that since 2001 it's been storing people's gold without incident but again if you're not comfortable with them storing your gold just have them ship you the gold coins it's just a cheaper way to get gold then if you go into a coin store so give me a second I'll show you so here are the gold cubes that they will send to you keep that in mind folks and we'll discuss that later in the video if you need to withdraw a lot of money from your account they have to ship your the physical gold so later in the video we're going to get into why that's such a big problem and it's just the great service so that's why I'm shilling for them today I want people to have a reasonable way to get in the gold so probably now is the time to tell you that gold money pays very healthy referral fees in fact here this is an article from we use coins calm reviewing bit gold and gold money which I'll tell you now are one in the same company I'll explain that they say bit gold has a very lucrative affiliate program and many of the popular thought leaders are bit gold affiliates and we would call David Seaman a thought leader in this context so I went straight to the source to gold money's website and this is their referral program here and I highlighted the part where they explained the Commission it says earn up to 25 percent of the net sales margin on all purchases made by your referrals for two years so I'll read it again earn up to 25 percent of the net sales margin on all purchases made by your referrals for two years now if you notice they did say up to 25 percent of the net sales margin now the net margin is the profit after all expenses have been paid now at this point it's important to remember that gold money has been losing money for the last couple of years now they may be anticipating making a profit at some point but as of right now I think we're talking about zero Commission now David does say that he's shilling for gold money which implies that he's getting paid but he doesn't explicitly say that he gets a commission as far as I've seen he makes a lot of videos so he may have said it here and there but it's not normally disclosed with his pitch Gold money also gave David and all-expenses-paid trip to the Superbowl something that he defended in a recent video yes I went to the Super Bowl I took a day off from this research and I did not use any of the patreon money my flight was paid for my lodging was paid for and my ticket to the Super Bowl was free so the point of showing you all this is just to say that gold money has been pretty good to David so what's the big deal David makes a commission for people signing up to this great service he got to go to the Super Bowl without using any of his donors money directly if this is such a great company like David says then no problem right well here's the thing I did some research on gold money and David says he's done a bunch of research and this is why you should always do research yourself this is gold money calm reviews from Trustpilot comm and this comes up pretty early if you do a google search and well the first review is one-star company had not responded back to me in several days I require some time of response and they did not deliver I wanted to get cash for gold but after several ID rejection attempts Gold money still has not helped me with my refund or ID uploading I will seek legal action against them do not do it well that's not such a great review here's one about the blocked affiliate program that's one that would affect David more than someone using the service there's the five-star review and it could be genuine but we do know that these surveys can be rigged they have PR firms that write reviews for you for example but we'll give it a five star review but here's another one star we've had three out of four so far I'll read this one to you because it's important great idea but no customer service and the card takes forever the old app had a better layout than the new one not that any have worked completely I have just redeemed physical gold and silver and on the transaction you were charged 45 pounds for delivery on each transaction and point five grams of gold from the account I was then charged by UPS at my door at 9:30 a.m. without any notification receipt or invoice or any explanation a hundred and eight pounds and forty-four pence I then called UPS who had to investigate apparently it's the shipping company they use from the United States called dgw in Dallas but I paid for gold and silver from my UK vault so that's obviously just a pricing myth I will not be using gold money or be an affiliate until they rectify this mistake and refund my money but doubt that as I would be reluctant to receive a response from the non-existent customer service they only hold your money why should they contact you promptly also depositing can also be a tedious wait once again it's only your money I ordered gold and silver just to see how the system works and to be honest I do not have much confidence in bit gold gold money you're better off ordering your own physical silver and gold or use app for rate of cash and then when it goes up withdraw and buy physical gold or bitcoins I thought that was an important review to read because it summarizes a lot of the issues people claim to have with gold money and it shows you David isn't telling you the whole story okay folks here is where we start running into problems and that's when they send you physical gold we heard a complaint from a customer who got charged all these fees when he had his physical gold delivered to him now let's read gold money coms response to that review and get a little insight into this situation now the response reads like this furthermore as noted in the disclaimer on the redemption page and in our supporting documentation we clearly state the following orders for physical delivery of metals are shipped from the USA please note different countries can experience different tariffs or charges on international precious metal orders we recommend that you seek confirmation of charges fees or taxes prior to making your order tariffs for silver products differ by country so please ensure that you have ascertained your liability before you place your order you agree that you will be fully responsible for paying any additional taxes and fees that apply subject to ethical law and gold money Terms of Service gold bunny does not accept returns so even though gold money does business worldwide when you redeem physical gold it has to be shipped from the United States now I want to give you a scenario now that shows how this is a real problem let's say you're a guy in Germany or the UK you have ten or twenty thousand dollars safely tucked in your bank account and you decide to invest that money into gold at Goldman EECOM so you give them $10,000 and they credit you with ten thousand dollars worth of gold okay fast forward a few months something comes up and you need the money and you decide you want to have the physical gold delivered to you now you're going to have to arrange to have the physical gold shipped to you they said all physical deliveries come from the USA so you put in your order so you can get your physical gold so you can get your money back so all the custom knows is that you're getting ten thousand dollars with a goal to ship to you from the United States this is going to open you up to all kinds of delivery charges fees and tariffs so with gold money you have a convoluted system where you have to do a bank transfer ship physical gold or dig money out of a debit card an ATM every time you make a gold to cash transaction you're much better off creating in a gold ETF where you can easily move from positions of owning gold to selling gold again if you're not comfortable with them storing your gold just have them ship you the gold coins it's just a cheaper way to get gold than if you go into a coin store so give me a second I'll show you uh so here the gold cubes that they will send to you there's something else david says about gold money and it's a company that since 2001 it's been storing people's gold without incident so gold money has been around for I think about fifteen years in fact David really shouldn't say that because although there was a company called gold money which was founded in 2001 which offered clients the chance to buy and sell gold and have it stored for them in vaults Gold money was acquired in May of 2015 by a company called BIC gold which I told you is the same as gold money but what that means is that gold money has not been around for 15 years gold money has been around for a couple of years ever since bitgold purchased gold money and became gold money Inc the old gold money was recognized as a pretty reliable service actually and they'd been around longer than anybody else doing what they're doing the only thing is they were purchased by big gold in 2015 and I have financial records here that were used in an article in a comparison with another service called bullion vault and it shows the financials here for gold money and what it shows is that from 2012 when they earned 7 million dollars after tax the next year they only earned three hundred and thirty two thousand dollars after tax and the following year they lost nearly nine and a half million dollars in 2014 so they went from making 7 million dollars in profit to losing almost nine and a half million dollars in 2014 the year after that is the year that dick gold decided to purchase gold money but we haven't learned anything about BIC gold yet and maybe bitgold could turn gold money around so let me tell you a little bit about bit gold bit gold went public on the toronto stock exchange on may 13 2015 the founder and CEO of bic gold as well as over 50% shareholder is a 31 year old Israeli named Roy C bag now Roy doesn't seem to have any post-secondary education and he has a relatively mysterious background so this is Roy talking about his company bit gold so it's a payment system at the heart it's free payments who doesn't like that but it's using a form factor Ingold that overtime if history repeats itself and we're talking about 6,000 years of history here should-should significantly and markedly empower your life you can send it you can spend it you can receive it and you can even redeem it in physical gold cubes so it's essentially a platform that lets you use gold in ways that haven't been possible over the last 40 or 50 years since gold used to back all money but we're looking to reintroduce you know on the on this massive internet structure that exists this interconnected world of people gold as a form factor for payments and for savings that cost you one percent to get onto the platform you pay a one percent fee to buy the gold and it costs you one percent to get off the platform to redeem the gold back into physical form or another form of payment such as your bank account but once you have the gold on the platform you can send it for free any other big gold user and so if you're used to going to Western Union and sending money and paying a 10% fee or a 7% fee you can now circumvent that and pay gold directly to your family or loved ones anywhere they reside as long as they have internet connection for free Rory talked in pretty general terms there so I'll try to explain what the big gold concept was as far as ROI seabag was concerned it was a technology he developed theoretically that would allow you to pay for things with gold basically using a credit card let's say in order to do that things would have to be priced in gold rather than the local currency because it wouldn't have to do with any conversion and this technology this bit gold technology was apparently based on the blockchain which is what Bitcoin uses and that is where the name big gold supposedly came from so that's the company as it existed before it went public and just to show you that that's all the company was I'm going to read from the public filing that they made before going public on the Toronto Stock Exchange this filing contains some warnings to investors about potential risks with investing in bitgold and one of the things they are sure to point out more than once is highlighted here the bitgold platform is bit gold's sole product and was publicly launched on May 4th 2015 this filing is from May 8th and they went public May 13th and that was their only product and this is what they say about that product bitgold success depends in part upon its ability to protect the core technology and intellectual property on October 29th 2014 bitgold filed a US patent application with respect to its forum trading and settlement technology entitled securely and instantly converting digital wallet value to physical gold bullion Nick gold intends to file further patent applications with respect to Orem and Orem is the technology behind this gold trading it cannot be assured that any of these patent applications will result in the issuance of a patent or whether the examination process will require bitgold to narrow its claims in addition any patents may be contested circumvented found em enforceable or invalid and bitgold may not be able to prevent third parties from infringing them so what they're saying is that the only asset that the company has this technology which apparently allows the exchange of gold virtually is not necessarily even protected is not necessarily exclusive technology and that matters for investors and it matters for the future of the company and there are a lot more disclaimers in this document but I'll just give you one more bit gold is still at an early stage of commercialization and has not earned any material revenue since its inception while the company intends to spend the funds available to it as stated above there may be circumstances where for sound business reasons a reallocation of funds may be necessary yet despite all this investors still have an appetite for the stock when big gold hit the market may 13th by May 9 the company had a market cap over 460 million dollars pretty amazing stuff all based on the idea of a 31 year old unknown Israeli who only finished high school oh there is one more thing I should probably tell you about bitgold it is not a new idea to have a digital gold payment system if somebody had the idea before then how did they do with it well this article from Bitcoin magazine tells us says every single quote-unquote digital gold company that has come before bit gold has either been charged by law enforcement or shut down on its own volition due to financial regulations in fact the largest one called eagled ended up being a hub for money laundering no previous digital gold business was able to survive so I've been telling you all about big gold and what kind of a company it was when it went public on the Toronto Stock Exchange so what about gold money I told you that big gold went public on may 13th while May 22nd bit gold acquired gold money.com 452 million Canadian dollars the way they paid for that was with shares of bit gold this article talks about the merger Gold money since its founding in 2001 has amassed 20,000 customers 135 thousand user signups and manages more than 1 billion dollars in assets well that 1 billion dollars in assets got transferred over to big gold in exchange for shares of stock which were traded based on the value of an idea and we don't know if that idea is protected or not now let's see what people have written about big gold and gold money here's one from investment watch blog it would be accused of being anti-semitic but I'll read it to you anyway gold money was acquired by a mysterious Israeli Jew gold money customers should close their accounts that's a pretty dire warning I would say and I can't say I completely disagree with it here's another article from capital and conflict another economics blog don't touch this golden Bitcoin combo with a ten-foot barge pole and that's specifically a notice to investors but the solvency of a company is certainly important if you're having them store your gold for you speaking of storing your gold one of the things David likes to bring up is that the gold will be fully insured by Brinks so I thought I should read you another disclaimer here from the filing the fact that big gold is not a bank investment dealer or trust company may result in the business of bit gold not being subject to a regulatory environment which is as extensive and robust as the regulatory environment for financial institutions furthermore BIC gold does not have insurance through government sponsored programs or deposit insurance and relies on private insurance coverage through Brinks on gold held in vaults which may not necessarily provide as extensive coverage in the event of loss although gold bullion is held by big gold vault Inc there can be no assurance that a third party will not claim an interest in such property in a legal proceeding or claim against big gold or its subsidiaries the thing is I am gravely concerned about this company's financial long-term well-being and what will happen to the assets being held by them should they go under and you know I highlighted a lot more from this document so what I did is I went ahead and put it up on Google Drive and I'm putting a link in the description and that way if you have any questions if you're still up in the air about keeping gold with bit gold slash gold money then please read this and you'll see everything that I highlighted in there that might be of interest to you now we've seen some real concerns about the financial stability of gold money they've been losing money and customer share for years and as we've heard they're outside of regular banking regulations there is no government insurance of the funds in fact they stated that the only insurance they have is losing the gold from the bolts the stability of their company is crucial because you're relying on them to get access to your money so we're seeing a lot of risks outside of the regular gold price fluctuation risks of investing in gold if this company folds are going to be able to get your gold back are you going to be able to get your money back out of uncertainty of surrounding this company that's for sure now there isn't really much need to own the physical gold and here's why unless you're going to pound it in the jewelry at some point you're relying on the transition to cash to turn your gold into cash at some point so since you're relying on the financial transaction of gold the cash owning a gold ETF is every bit as effective and reliable as owning physical gold and affords you all the protections of owning physical gold without the hassles of owning physical gold it allows you to very easily buy and sell positions now the only time it's really good to have physical gold is for very long investments by very long I mean leaving money for your kids when you die it's much easier to leave them access to your safety deposit box when you die as opposed to going through all the paperwork of transferring assets after death so that's a situation where physical gold is a good idea owning a gold ETF is every bit as effective and reliable as owning physical gold and afford you all the protections of owning physical gold without the hassles of owning physical gold you can trade a widely held and reliable gold ETF like GLD manage it through a well known online trading account like Charles Schwab and you end up with a much safer much easier and much more reliable way to manage assets held in gold now there's a lot of issues that should make you wary of doing any business with gold money.com like the fact that the company spends money freely on shiny newly remodeled offices Super Bowl tickets for their shell even in light of losing money and market share you have the CEO promoting to use his product and online gambling complete lack of regulatory oversight and the convoluted and complicated cash to gold system that is completely inferior to other ways of managing gold assets when I really need to tell my brother that his patreon needs to get his money the out of there and for with my brother those cons can right the off

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19 thoughts on “No Goldmoney.com At The End Of The Rainbow”

  • I have had no problems with Goldmoney. Last January, I sold my gold, transferred $10,000 to my Goldmoney MasterCard and bought myself a $9500 carbon fiber mountain bike on my MasterCard.

  • I have a GM account and I can say that I have found them very professional. I happen to know the person whose position in the company it is to validate and cross reference the metal holdings in the nominee accounts with the actual precious metals held in the vaults… It's genuine. Try buying into vaulted gold, silver or platinum etc for the tiny margin this company is taking. Try storing your gold etc in a Brinks vault – for example – for their charges… Good luck with that. Highly recommended. I am not a shareholder, just an account holder. Actual user experience.

  • Mike, I can't thank you enough for posting this video. I'm just about to dip my toe in the water, with regard to purchasing gold and silver. Goldmoney was on my shortlist of possible suppliers. Not any more. You've just saved me a lot of research time.

    I was already troubled by peter Schiff's lack of understanding regarding Goldmoney's relatively recent takeover of Schiffgold. Schiff described it as a merger. Goldmoney, on its website, described it as an acquisition. So what was it, a merger or an acquisition? Furthermore, let's say that Schiff was correct, that it was a merger, what kind of merger was it? Was it a JVC, a joint venture corporation? Or, was it a CJV, a contractual joint venture? The distinction is extremely important, for both parties. I actually, think Schiff is clueless.More correctly, on one hand, he's a genius; on the other hand, he's as thick as shite.

  • I said once Peter Schiff joined this thing was a scam. Shorted it at $5 CAD got in an argument with John I eat all the Crumbs. Beyond the shyster sales tactics who wants to have counterparty risk with a company run by the Three Stooges? If you want to buy and sell gold then do it. Why in the world would you need and online account. These clowns massively underestimate the storage fees. Everything screams scam. Plenty of reputable Metals companies out there.

  • take a lesson in logic and history Mike Barbarossa. You seem like a govn't troll, and thank you for your lunch it was tasty. I'll come back again next week, same time, have it ready and snappy ca't wait.

  • Well you like to bag on something good don't you? LOL First, the company statement is to shareholders not direct clients; that's one. Two, every company has to give out a warning of a risk because risk is inherent in any undertaking. Listeners of this should also listen to the founders speak and get to know about them more. And who cares if Roy is a some Jewish guy. What he can't invent or start a legitimate business? You are full of shit Mike Barbarossa. Too many details to discuss but this is a foolish video with a definite bias. I did listen to this video to the end and my conclusion is the same, slanderous by a mile.

  • I opened a Goldmoney account last december and was so happy with Goldmoney services that I'm now a shareholder. I listened to this video and heard absolutely no valid argument that diminishes my enthusiasm.

  • In my experience, Goldmoney is a phenomenal company and has been wonderful to work with. Shady companies don't send physical gold. Every company needs a starting point, so what.

  • goldmoney.com has a 1% in and out fee, with additional hidden fees, like 1/2 % physical delivery charge, as well as delivery fees. If you go the GLD ETF fund, and trade in and out for cash at $1400 increments (anything smaller is ridiculous. You should not trade in and out of gold every time you need a little cash. Any funds you may need in the next several months should not go to gold) at $7/ trade, you are at 1/2% in and out fees (cut in half) all online trading  platforms have debit cards and blank checks, and bank transfer, giving you immediate access to cash funds. No risk of insolvency, safer, easier access, easier convert to cash. This product is obsolete even before it began. An gimmick and not needed.

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