20 September 2007 - GoldMoney today announced that effective October 1st, 2007, it is reducing the fee charged on silver storage.
The fee reduction will be applied to all customer Holdings with an average monthly balance greater than 50,000 ounces of silver. The new fee for Holdings above this threshold will be 0.0725% per month (0.87% per annum).
GoldMoney is an online service allowing investors and consumers to purchase gold and silver and digitize it into currency. All gold and silver is stored in a specialised bullion vault near London, England, and is insured by a policy underwritten through Lloyd's of London.
'We are now storing over 4.5 million ounces of silver for our customers, which has enabled us to achieve an economy of scale and thereby reduce the fee for Holdings with large amounts of silver,' said James Turk, founder of GoldMoney. 'Investors use GoldMoney to accumulate gold and silver for many reasons. We offer convenience and low fees. Furthermore, our clients know their precious metals are safe because of our industry-leading governance procedures and practices.'
The GoldMoney website offers gold and silver buy and sell rates in four currencies - US dollar, Canadian dollar, Euro and British pound. Additionally, in keeping with GoldMoney's underlying basic principle that 'gold is money', customers can use their goldgrams to purchase silver.
Turk explained: 'We know that our customers like the ease with which they can purchase any amount of silver, which we then store for them in secure, allocated storage. And now they can benefit from a lower storage fee.'
To purchase gold or silver, customers simply log into their GoldMoney account through the secure online link and choose the amount of metal they wish to purchase and the currency to pay for their purchase. Purchases using US dollars can be automatically deducted from a customer's bank account with our convenient electronic check feature.
In addition, if they want to sell, customers sell their gold and silver at the current spot rate for any of the four national currencies that is provided 24/7 on the GoldMoney website. The proceeds from the sale will be in their bank account the next day, or in their Holding the same day if they sell their silver for goldgrams.
GoldMoney, the inventor of digital gold currency, is combining 21st century technology with the world's oldest money - gold - to make the online purchase of gold and silver safe, convenient and economical. Not only is GoldMoney the fastest growing digital gold currency, it is also the largest. Its regular audits and governance procedures have set the industry standard. These advantages have made GoldMoney a world leader in the buying and selling of gold and silver bullion.
Anyone can use GoldMoney to build their savings and secure their wealth by owning pure gold and silver that is insured and stored safely and conveniently for them in a specialised bullion vault near London, England.
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