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.
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.
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:
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.
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.
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.
You can store your metals with:
When you place your buy order you can select your preferred vault location and vault operator.