FAQs

 

Metal Storage

  • Can I exchange metals between vaults?

    With GoldMoney you can easily transfer metals from one vault to another without having to sell and re-purchase your metals. Simply select “Buy & Sell Exchanges” and “Metal-to-Metal” from the menu in your Holding, and follow the steps to place an order. Our Diversifying Metals page provides further information on this service. Details about the different vault operators we use to store metals on behalf of our customers can be found at our Storing Metals page. You will also find a calculator on that page, which allows you to calculate your purchase and storage cost.
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  • Do the vault operators insure the precious metals they store?

    Yes. VIA MAT, Malca-Amit, Brink’s, Rhenus and G4S insure all metals against risks such as theft. You can view the insurance certificates in the ‘Governance’ section of your verified Holding. Please refer to the Customer Agreement for more information.
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  • Does GoldMoney lend metal?

    GoldMoney does not lend customers’ metals to third parties, nor do the vault operators we work with. Regular audits by a reputable independent accounting firm confirms that the one-to-one ratio between metal stored in our vaults to metal recorded in our customer database is always maintained.

    The legal details regarding storage of your metals can be seen in section 8 of the GoldMoney Customer Agreement.

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  • How are the metals in GoldMoney stored?

    All precious metals in GoldMoney are in allocated storage, meaning that the bars of metal are contained within discrete and identifiable forms of physical bullion that meet the Chain of Integrity Standard. The metal in a customer's Holding quantify that customer's portion of the total weight of allocated metal (both in undivided and registered form) stored in the vault on behalf of all GoldMoney customers. Please see Clause 8 of the Customer Agreement for a more detailed explanation of storage.
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  • How can I be assured that my precious metals are really in the vault?

    There are several important checks and balances in GoldMoney that protect each customer's metal. We work closely with our partner vault operators to ensure that GoldMoney's transaction and accounting system is reliable and secure, and that all the metal is stored safely for our customers.

    Your metals are always stored in the vaults owned and operated by VIA MAT, Malca-Amit, Brink’s, Rhenus and G4S. Every quarter, full reports by these companies and a Big Four Accounting firm, which reviews a wide variety of our controls and procedures and provides proof of the 1-to-1 ratio of metal held in the vaults and metal recorded in our database, are presented on our website and within your verified GoldMoney Holding. Please see the Our Services pages for further details.

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  • How can I put LBMA/LPPM gold, silver, platinum or palladium bars into GoldMoney?

    Simple. Just log in to GoldMoney and then send a message to us using the secure message system. In the message state the number of bars you would like to have delivered to the Vault. All bars must meet the standards of the London Bullion Market Association for gold and silver and the London Platinum and Palladium Market for platinum and palladium. Please note that we accept silver, platinum or palladium for storage in Hong Kong only. The minimum storage amount is one LBMA/LPPM Good Delivery bar. A GoldMoney Customer Service representative will reply to your request and provide further instructions for delivering your bar(s) to the Vault. As soon as the bar is transferred into the Vault, the number of goldgrams/silver ounces/platinum grams or palladium grams equal to the fine weight of gold/silver/platinum or palladium in the bar is added to your Holding. GoldMoney may charge a fee for this service.
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  • How can I view and calculate the storage fees for my metals stored with GoldMoney?

    The fees to store your metals can be viewed in the Transaction Report in your Holding. Select 'Statements' > 'History' from the menu in your Holding and select 'Transaction report' at ‘Select Report’. Where it reads 'Show', select ‘Fees’. Then input the required dates and select the currency from the drop down menu 'Show metal amount equivalents in this currency' to view the currency equivalent of all fees charged over the selected period of time.

    Please note that you are required to repeat this process for each metal you hold. Therefore please ensure you select 'goldgrams, silver ounces, platinum or palladium grams' in the 'Select Metal or Currency' field.

    Storage fees are also confirmed in the Monthly Statements, which are available by selecting ‘Statements’ > ‘History’ and ‘Monthly Statement’ at the ‘Select Report’ drop down.

    For further information and to calculate storage costs for a specific period of time, please visit the following page:

    http://www.goldmoney.com/gold-and-silver-storage.html

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  • How many goldgrams are in an LBMA bar?

    The complete bar list which presents each bar's gross weight, assay, fine weight and the corresponding amount of goldgrams can be found in the ‘Bar Delivery & Registration’ section of your verified Holding.
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  • What are the storage fees for my precious metals?

    The storage fees for gold, silver, platinum and palladium are applied to each vault where you hold registered bars and undivided metal. If for example you hold gold in Canada, Hong Kong, Singapore, Switzerland and the UK, the gold storage fee will be applied separately to each vault. The storage fees cover the full insurance for your metals.

    All storage fees are by default calculated and paid in goldgrams, silver ounces, platinum grams and palladium grams, but you can choose to pay in one of the 9 currencies we accept. You can select your preferred payment method in the “Preferences” section of your Holding. The fee will be deducted from your Holding balance on the 1st of each month for the previous month.

    Consult our Fees page for details on the storage charges. You will also find information about bar delivery and registration on this page.

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  • What does chain of integrity mean?

    To ensure that all metals we hold on behalf of our customers are of the highest quality and that the bars contain the weight of metal they are said to contain, we have established a chain of integrity.

    This means that a bar from outside the chain can only be entered into the chain once we have proven that the quality of the bar is according to our standards. To achieve this we use ultrasound technology or we melt down and refabricate the bar. For further details about the chain of integrity, review Clause 3 of the Customer Agreement.

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  • What happens if I do not hold a sufficient balance to pay for storage of registered bars?

    If your Holding balance is insufficient to deduct fees according to your preference we will deduct fees from any other available balance (metal or currency), or we may be required to de-register your smallest bar. The storage fee will then be deducted from the undivided metal balance that will be credited to your Holding as result of the de-registration. GoldMoney reserves the right to de-register and deduct the storage fee retrospectively from the date of registration.
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  • What is allocated storage and why does it benefit you?

    Allocated storage of precious metals is the best way to store gold, silver, platinum and palladium because it implies that you are the direct owner of the metal, not GoldMoney or any other third-party. When a precious metal is allocated, there is a defined and recorded owner of the metal, namely you. The manager of the metal (i.e., GoldMoney) or the vault does not have any direct claim on the metal.

    A good way to compare allocated versus unallocated metal is to look at it in accounting terms. Allocated metal does not show up on the balance sheet of GoldMoney or the vault operator. It is an off balance sheet item, which is the property of its customers.

    Unallocated metal shows up in a company's balance sheet as an asset, and the claims to the metal from its customers as the corresponding liability. This is how many accounts with financial institutions work, as well as the various certificate programmes worldwide sponsored by governments or private entities. If one of those entities were to go bust, any of its creditors would have first claim to those assets, leaving the entity's customers with no access to the metal (liabilities) promised to them.

    When your metal is held in allocated storage, you have the assurance that your gold, silver, platinum and palladium is protected should GoldMoney or the vault it works with ever face bankruptcy or other financial difficulties, because their creditors would have no claim to your property since it is not a financial asset of GoldMoney or the vault.

    Although your metal is always allocated, not all bars held in our vaults are identified as specifically belonging to a certain customer. GoldMoney has no ownership interest in your metal and title to a certain amount of metal rests with you, even if your metal is not specifically identified. You can however register individual gold, silver, platinum or palladium bars in your name and thus indicate your undivided ownership of these bars.

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  • Where are my precious metals stored?

    You can store your metals with:

    • VIA MAT – in vaults in Hong Kong, Switzerland and the UK.
    • Malca-Amit – in a vault in Singapore.
    • Brink’s – in vaults in Canada and Singapore.
    • Rhenus – in a vault at Zurich Airport in Switzerland.
    • G4S – in a vault in Hong Kong.

    When you place your buy order you can select your preferred vault location and vault operator.

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