Invest Gold in goldmoney.com or bullionvault.com

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How safe is above company if i plan to invest in Gold or Silver.
 
I have been a customer with www.goldmoney.com for a few years now and am very happy with the service. The two issues that could threaten your holding are (a) theft from the vault and (b) accounting fraud on how much gold is held in the vaults.
with goldmoney your holdings are protected from theft through insurance, and audit reports are issued quarterly ([broken link removed]).
Make up your own mind whether you feel these are enough to ensure safety.
 
It's hard to beat Gold ETFs for simplicity but you do need tom have a stockbroking account open in order to buy an ETF (ETC)
 
sorry for butting in here, but just wondering for customers of goldmoney or bullionvault what taxes are you subject to on profits made from appreciation in your gold? would you only be liable to pay CGT on withdrawl of money from the online account and do you pay the uk rates? I was looking at the bullionvault website but it doesn't mention this anywhere
Thanks
 
Thanks for that. So if it's a UK based company do I pay UK CGT equivalent? presumably this would only be paid on closure of the account and complete funds withdrawl?
 
No, you are liable to CGT in the country you reside in and pay taxes. You would need to pay taxes, as soon as you make a profit, regardless of whether you close the account.
 
I have accounts in both companies and they are both excellent. Its physical bullion far better than an ETF which has counterparty risk.
 
I like BV and GM and have a lot of respect for Paul Tustain and James Turk the founders of both. However, both are digital gold and one is wholly dependent on their websites, their technology, their servers and on the internet.

This is not a sound basis for making a "safe haven" investment in these uncertain times. Especially when the US military continues to warn that cyber warfare that can shut down entire countries technology countries (as happened to Georgia) is one of the greatest threats to global security today.

Prefer to be able to pick up the phone and have my bullion delivered in the event of a systemic crash. A personal allocated account is safer - will cost more but is worth the extra cost in order to reduce the risk that one has to single websites and digital counter parties.

One cyberwarfare attack on either company and digital gold holders may find that their assets are not as liquid as they thought they would be.

For smaller amounts, both are probably fine but do not put your life savings or be overweight digital gold.

You are right re the counter party risk inherent in exchange traded funds some of which were insured by AIG and some of which became illiquid after the Lehman collapse.

Someone told me that no CGT on British Gold Sovereigns as are considered sterling legal tender but I am checking with the Revenue Commissioners. This would obviously make them very attractive from an investment point of view versus other investments and other gold investments.

Greeks are taking a shining to gold sovereigns as worried that will be forced out of the euro
Greeks give new meaning to idea of sovereign wealth‎
Times Online http://business.timesonline.co.uk/tol/business/economics/article7135543.ece
 
george.shaw said:
Prefer to be able to pick up the phone and have my bullion delivered in the event of a systemic crash. A personal allocated account is safer - will cost more but is worth the extra cost in order to reduce the risk that one has to single websites and digital counter parties.
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Gold Money allow you to allocate your holdings and take delivery of bullion. In a way it is similar to what the Perth Mint offer.
 
Chris said:
Gold Money allow you to allocate your holdings and take delivery of bullion. In a way it is similar to what the Perth Mint offer.
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That is true but GM have 1000's of customers some with tiny holdings, some with very large holdings and yet they are a small company with only a handful of staff. Were there to be website, server, internet, electrical or other technical problems then you are in a long queue and might not have access to your gold or be able to convert it back into cash.

All I am saying is in these very uncertain times - it pays to not have all your eggs in any one basket - whether that be Irish credit unions, Irish banks or a digital gold company - even a reputable one like GM.
 
PeterBrennan said:
'both are digital gold'

Not so. Both BV and GM store physical gold.
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Did not suggest that they do not store physical gold. Only that you can only access your gold through a digital platfrom. BV have 1000's of 'users' and only a few staff which presents risks - see post above.

Also should the UK be downgraded and the UK finances come under serious pressure (as some highly respected commentators are warning) I would not be surprised if this CON-LIB DEM coalition considered nationalising valuable assets and they could potentially nationalise BV as it is an English company. At least GM is a company registered offshore.

Hard to beat having a personal allocated account in Switzerland and some Gold Sovereigns and Gold Britannias (CGT free) hidden in the corner of an attic.

Eggs - Baskets - Spread it around people.
 
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