FAQs

 

Buying and selling

  • Are there limits to how much metal I can buy, sell or exchange?

    There is no minimum or maximum order amount, which means you can purchase, sell or exchange as little or as much metal as you want.

    Depending on the size of your order, your order will either be based on the current spot price as disclosed on our website or on the next available fixed price. You will be notified at the time you place your order whether your order is based on the spot price or on the fixed price.

    See our FAQ on spot price limits and fixed prices for more details
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  • Can I buy precious metals immediately after signing up?

    You can immediately transfer funds and buy metals if you are resident in any of the 44 "fast-tracked" countries. If you reside in a different country, you can transfer funds and buy metals once your GoldMoney Holding is verified.
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  • Can I hold gold in GoldMoney in a US IRA or UK SIPP pension?

    Yes, you can hold gold and silver in an IRA (if you are a US resident) or a SIPP (if resident in the UK). See our Gold Pensions Plans page for more details. 

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  • Can I trade gold and silver coins with GoldMoney?

    GoldMoney does not trade gold and silver coins. However, you have the option to take physical delivery of 100 gram and 1 kilo (1,000 gram) gold bars, and 1 kilo silver bars.
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  • Why should I buy precious metals with GoldMoney instead of buying gold certificates or an ETF?

    Unlike certificate programmes and pooling accounts that only hold some metal in storage, GoldMoney always holds 100% of customer metal in world-class vaults that are routinely audited. See the following four links in sequence (1, 2, 3, 4) for more information on why certificate programmes put your metal at risk.

    Gold ETFs do not offer ordinary investors title to a specific quantity of allocated gold, or physical delivery options. This exposes you to counterparty risk, which is inherent to “paper gold” products. In contrast, GoldMoney is free of counterparty risk.

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  • If the price of gold rises versus a currency, does the balance in my Holding rise with the price of gold?

    Although the amount of goldgrams in your Holding stays the same, the purchasing power of your gold rises relative to the currency drop.
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  • How can I buy gold, silver, platinum and palladium from GoldMoney?

    (1) Open Your Free Holding

    You need to open a Holding (accounts are called 'Holdings'). Simply click the 'Free Sign Up' button on our home page, and follow the directions provided.

    (2) Complete our Customer Acceptance Policy (CAP) verification process

    You must complete GoldMoney's Customer Acceptance Policy (CAP). To learn more about our CAP please go to: http://www.goldmoney.com/cap.html

    (3) Add funds to your Holding

    You are then able to send US dollars (USD), British pounds (GBP), euros (EUR), Swiss francs (CHF), Japanese yen (JPY), Canadian dollars (CAD), Australian dollars (AUD), New Zealand dollars (NZD) or Hong Kong dollars (HKD) in order to pay for your purchase of goldgrams, silver ounces, platinum grams or palladium grams. For more information regarding how to 'Add Funds' to your Holding, please refer to the following FAQ: How can I fund my Holding?

    (4) Buy precious metals

    To place a Buy order, log into your Holding and click the 'Buy & Sell > Buy' link. The following screens ask you to:

    1. 'Choose a Metal to Buy & Currency to Pay for Your Purchase'
    2. 'Choose the Amount to Buy' (either in terms of metal weight or national currency)
    3. 'Review Order Details' (confirm that your order is correct, or make changes to your order)
    4. 'Order Confirmation' (a printable receipt confirming your order)

    The metals you purchase are added to your Holding later that same business day or the next business day (depending upon the time the order is placed and the size of the transaction).

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  • How do I sell my metals and receive funds?

    To place a sell order select 'Buy & Sell > Sell' from the menu in your Holding. A step-by-step guide can be found here:

    How to sell metal

    Sell orders within the spot price limits are executed at the current spot rate and are generally completed within one business day. Sell orders above the spot price limits are executed at the next available fixed price (the London PM Fix in the case of gold, platinum and palladium and the GoldMoney Fixed Sell Price for silver) and are generally completed within 1-3 business days. Depending on market conditions and on the volume of all GoldMoney customers sell orders, it may take longer to complete your order.

    When you place your order, you can request to have your sale proceeds added to the currency balance in your Holding or to have the proceeds transferred to your specified bank account. You can select one of the following currencies for your sell order: USD, GBP, EUR, CHF, JPY, CAD, AUD, NZD or HKD.

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  • How do I view my history statement with balances and transactions?

    The following statements are available in your Holding:

    1. End of Month Balance Summary : This statement confirms the Month End Balance of metals and currencies using month-end metal prices and foreign-exchange rates.

    2. Highest Value in a Year: This report confirms the amount and the day of the year when your Holding recorded its highest value.

    3. Monthly Statement: Includes Opening and Closing Balance Summary as well as all transactions within the month. These statements go back as far as January 2012.

    4. Transaction Reports: Shows all buy, sell and metal exchanges conducted since the Holding was opened, as well as details of all fund transfers, metal payments and fees paid.

    The statements can be generated in a printer-friendly format or as PDF file.

    To access the statements select 'Statements' > 'History' from the menu in your Holding. Then use the ‘Select Report’ dropdown box to choose one of the four statements.

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  • How does the rate of exchange between precious metals fluctuate?

    Gold, silver, platinum and palladium are bought and sold throughout the world each day by professional traders, corporations and individuals. The prices of these metals relative to currencies such as the US dollar or British pound move up and down independently of each other.

    For example, one day the price of a gold ounce may increase by $10 while the price of a silver ounce may decrease by 50 cents. Therefore the relative price of gold in silver terms has increased, because it takes more silver to buy an ounce of gold. However, if on the next day the gold price decreases by $5 and the silver price increases by 10 cents, the relative price of gold has then decreased in silver terms.

    The important point to understand is that the currency prices of metals change independently, so the metals' relative values to each other change accordingly. At one point in time, it may take 70 ounces of silver to buy an ounce of gold, but then a year later it may only take 50 ounces of silver to buy an ounce of gold. During that time the silver price in dollar terms has increased more rapidly than the gold price in dollar terms.

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  • How is the spot price quoted on your website determined?

    The metal prices seen on GoldMoney’s website are from several rate providers that collect their rates from various market trading desks around the world and consolidate them. We believe that this method provides you with the best overall value and service.

    The precious metal price feeds are received from our providers in real time. To determine the current spot price that we display on our website, we use the average rate of our providers' data sources and apply a standard deviation calculation.

    The purpose of using standard deviation is to prevent one of the data sources that may quote a rate significantly different from the other data sources, from distorting the average rate. A wide variance between the data sources is rare, however it may occur during quiet market conditions, such as during local holiday periods. There is no such thing as a global or uniform spot price for gold or any other precious metal.

    We refresh our buying rates every minute, therefore when buying metals, the rate you are quoted could be up to 60 seconds behind the actual live spot rate. The rate is then held for five minutes whilst we process your order. The spot prices published on our website have up to a 25 second lag behind the spot prices quoted within the customer interface.

    GoldMoney buys metal from a variety of sources. This can be verified on our Certificates & Reports pages. We deal exclusively in physical metal markets. In the event of a divergence between a front-month futures contract price and the physical spot price (the latter being the price charged for over-the-counter delivery), our prices will reflect the physical spot price, as this is the price GoldMoney is charged to buy the metal from the dealer.

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  • Is there a risk of precious metal shortages

    As long as the price discovery mechanism for these metals remains free, there is no risk of shortages. Prices will simply rise to reflect increased demand and tight supply. This will lead some people to sell their metal and thus increase the supply, moderating prices. The price mechanism ensures that supply equals demand, as is the case with any other asset not subject to government price controls.
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    • What are the spot price limits for buying and selling precious metals at a confirmed purchase rate?

      The spot price refers to the market price secured at the time of purchase, sale or exchange of your metal. Depending on the size of an order, orders are either based on the spot price or on a fixed price. Orders within the following limits will be based on the spot price if the markets allow this. We reserve the right to change in our sole discretion the spot price limits outlined below in certain circumstances.

      Spot price limits

       

      Purchases/Sales

      Metal Exchanges

      Gold

      2,000gg

      1,000gg

      Silver - Business hours
                 9am - 5pm (UK time)
               - Out of hours
                 5pm - 9am (UK time)
        - Weekends & Bank holidays

      4,000oz

      3,000oz

      2,000oz

      4,000oz


      Platinum

      1,000pg

      500pg

      Palladium

      1,000pd

      500pd

      Orders exceeding the above limits will be based on the next available fixed price and must be received at least 30 minutes prior to the fixing time (see times below). Orders placed after the Friday fixed price time will be based on the Monday fixed price.

      Times for fixed price orders (on days London bullion market is open)

       

      Starts

      Ends (next day)

      Gold

      (London PM Fix)

      2:30pm UK time

       

      2:29pm UK time

       

      Silver

      (GoldMoney Fixed Buy/Sell Price)

      10am UK time

       

      9:59am UK time

       

      Platinum

      (London PM Fix)

      1:30pm UK time

       

      1:29pm UK time

       

      Palladium

      (London PM Fix)

      1:30pm UK time

       

      1:29pm UK time

       

       

      You will be notified at the time you place your order whether your order is based on the spot price or on a fixed price.

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  • What does it cost to buy precious metals at GoldMoney?

    Your metal purchase is based upon the prevailing metal price, which is either the current spot price or the fixed price plus a buy fee.

    For an overview of our fees, please refer to our fees page.

    With GoldMoney you avoid costly shipping and handling because you are purchasing metals already stored in a vault. You also avoid the often high mark-up one must pay for bullion coins and small bars to cover the fabrication costs.

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  • What does it cost to sell precious metals at GoldMoney?

    The metal sell fee is currently 0%, which means you are not charged any commissions. However, we do reserve the right to charge a sell fee in the future should market conditions change. We will give prior notice of any sell fees charged before you commit to a transaction.
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  • What does 'spot price' mean?

    This refers to the price paid for an asset when the exchange of goods and money between buyer and seller takes place in the present, or "on the spot". This is opposed to the futures market, where delivery of goods takes place on a specified future date. The spot market is also known as the "cash market".
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  • What is the LBMA?

    The London Bullion Market Association (LBMA) is the London-based trade association that oversees spot dealing in gold and silver. It is the largest and most important trading venue for physical gold and silver in the world, and sets the benchmark rates for these metals used by GoldMoney. Through its Good Delivery bar specifications, it maintains the highest standards in refining and bullion quality.

    Click on the following links for further details on the London Fixed rates, LBMA Members, historical statistics and the brand specifications for LBMA gold and silver bars.

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  • What is the LPPM?

    The London Platinum and Palladium Market (LPPM) is a London-based trade organisation that is the world’s leading venue for spot trading in platinum and palladium. The LPPM sets the benchmark prices for these metals that are used by GoldMoney. Its Good Delivery bar specifications ensure the highest standards in refining techniques and bullion quality.

    Click on the following links for more details about LPPM members, the history, London Fix prices, and the Good Delivery standards for platinum and palladium bars.

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  • When will I receive the metal I purchased?

    Buy orders placed before 9:30 a.m. Eastern time in North America (14:30 London time) are added to your Holding the same business day, generally between 10:00 a.m. to 12:00 noon Eastern time in North America (15:00 to 17:00 London time).

    Buy orders placed after 9:30 a.m. Eastern Time in North America (14:30 London time) are added to your Holding the next business day between 10:00 a.m. to 12:00 noon Eastern time in North America (15:00 to 17:00 London time).

    To view your metal purchases and transactions, simply log into your Holding and view your 'Holding History' (click 'Statements' then 'History').

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  • Why is the buy rate dependent on the currency that I use for payment?

    The global bullion market is priced in US dollars, which means GoldMoney must first convert any other currencies into US dollars before it can buy gold and silver in the market on behalf of its customers. Therefore, GoldMoney charges a slightly higher fee for non-US dollar purchases in order to cover the costs of converting those other currencies into US dollars.
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  • Why should I buy precious metals through GoldMoney instead of buying coins and bars from other dealers?

    Storing coins and bars at home may be a way of achieving diversification, but finding safe insured storage can be a challenge. GoldMoney offers superb secure storage options with the world’s leading vault operators. You can take delivery or arrange collection of your gold, silver, platinum and palladium, meaning you have many ways of diversifying your means of metal ownership.

    With GoldMoney you do not pay any premiums as you do when you buy coins. Further, we do not apply a spread or a sell fee. For more details about this, consult our Precious Metals Prices & Charts page.

    When buying coins and bars from shops you will also need to buy fixed amounts of metals. With GoldMoney you can decide to buy any quantity of gold, silver, platinum or palladium, for example, $10 worth, 120 ounces, 11 kilos, etc. And because all transactions with GoldMoney are done online, you can conveniently buy metals from home. Your personal Relationship Manager is always happy to assist or answer any questions you may have. Please view our opening hours at our Contact page.

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