Information AboutGoldmoney |
| CATEGORIES ABOUT GOLDMONEY | |
| digital gold currencies | |
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As of , worth $15.7 million at the time. FEATURES Asset protection GoldMoney provides quarterly reports that verify the quantity of goldgrams is always equal to the amount of gold stored in the vault. Plus, external auditors complete periodic system reviews, with their annual report available to GoldMoney customers. All gold and silver is stored in a vault by VIA MAT International Ltd. near London , England , and is insured by Lloyd's Of London . Fees Unlike E-gold , who charge a gold storage fee of 1% per year (debited in monthly installments), GoldMoney only charge a fixed gold account fee of 0.1 grams per month (or 1.2 grams per year). This means that e-gold's costs are lower for gold holdings of under 120 grams (worth approximately $2,500), but GoldMoney is cheaper on larger holdings. For example a gold holding worth $1,000 would incur annual costs of $10 with e-gold but $25 with GoldMoney, while $30,000 would incur costs of $300 with e-gold but still only $25 with GoldMoney. Gold investing See Also: Gold as an investment GoldMoney users can buy gold at much cheaper prices than if they were to take physical delivery. The system also allows users to invest in much smaller amounts (as low as $1) than typical gold investors are economically able to. Investments can be made by transferring funds directly from a bank or credit union account. Silver investing See Also: Silver as an investment On January 4 , 2006 , Turk announced that the purchase of silver is now available through the GoldMoney system. However, it is only available for storage and not as as a payment system, like gold. Gold already in customer accounts can be used to buy silver, and vice versa. Unlike gold, the storage costs of holding silver are similar to e-gold at 0.986% per year, charged monthly. CRITICISMS GoldMoney operates a ''Customer Acceptance Policy'' (CAP). They demand that all customers must provide proof of identity and address plus declare their source of funds (" Know Your Customer " and Anti-money Laundering ), making it nearly as difficult as opening an account at any Bank . If customers intend to hold over 1,000 gold grams (worth about $20,000 US), or make numerous in/out-exchanges, GoldMoney's policy also requires that all customer identification documents are Certified . This inconvenience, however, makes the system less attractive for criminal activity. SEE ALSO EXTERNAL LINKS |
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