Location of GoldMoney

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#1 Tue, Mar 14, 2017 - 4:11pm
Ozymandias
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Houston, TX
Joined: Nov 26, 2011
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Location of GoldMoney

I am trying to decide where I want my GoldMoney account vaulted and in what currencies to have my debit card(s) denominated. Living in the U.S., I currently have my account vaulted in Toronto for easy access if I ever wanted physical outside of the States and was not able to carry any of my stash out. I wonder if it would be safer from shenanigans in Singapore. If the SHTF then there might be a mad rush to move the gold to a location where the U.S. gov would have less influence and control. Would Switzerland or Singapore fall into that category? We can effortlessly change the vaulting location now but I feel like any vault move needs to be done ahead of the time of need. I have a USD denominated debit card but am contemplating getting an additional card denominated in another currency to use if I ever want to get out of Dodge. I am leaning toward an additional card denominated in Swiss Francs.

I would like the thoughts of fellow Turdites.

Keep stacking!!

Tue, Mar 14, 2017 - 5:20pm
UulaBear
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Anchorage, AK
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Re: Vault Location

As someone who knows very little on the topic you bring up, I can only tell you my account of a Dr. Jim Willie interview I heard several months back. 

Dr. Willie said he considers Hong Kong to be the best place to keep your gold if keeping it outside of your possession. Dr. Willie brought up the point that the US gvmt sent gold plated tungsten bars many years ago and they'll never forget it.

He considered HK the best place and possibly Singapore a distant second. 

I keep my GoldMoney in Hong Kong because of what Dr. Willie said. Also, Hong Kong isn't far from where I live, relatively speaking. 

The government wants the best for you. By "the best for", I mean "to control"
Tue, Mar 14, 2017 - 9:06pm
Silvergunn
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Singapore

I have heard that Singapore has the strongest "Property Rights" of all the vault locations. What this says is, that if some entity tries to get their hands on anything that is not theirs (backed by documents...), good luck!

Tue, Mar 14, 2017 - 9:49pm
chrtoo
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London, ON
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Locations, Currencies and Uses for GoldMoney assets.

I think you describe three scenarios in your statement. Now, near-SHTF and post-SHTF.

Dealing with these in reverse order: post-SHTF, I expect travel to even a near vault location would be unlikely and the electronic banking system will not be available for this type of monetary transaction. Near-SHTF, I expect you would want it near as possible as world travel to a distant vault location could potentially be a one way trip rather than a weekend excursion. Given increasing monitoring of wealth transfers (at least by the little guy), how would you carry your wealth, after a vault visit?

In the Now timeframe, I think that vaulting around the world is a great idea for the jet-setting crowd that has a desire to internationalize their wealth to meet there ability to get to it. Well above my pay grade, before being pensioned off.

For the rest of us, I think GM is a Savings account which someday ~might~ gain in value, ultimately viewed in the currency that you elect to withdraw that value into fiat. Actual Au (10g or 1000g) can also be withdrawn with expenses and risk, added for good measure. Currency of withdrawal doesn't matter near as much as your current tax jurisdiction. From my view from the outside, the US does it's best to account for all of the value involved, with taxes aplenty. Taxes are applied when the gold is converted to your currency of choice and onto a Debit card. How or where you spend the money on the Debit card is up to you and has little to no consequence.

For me, my expectation was to use a Debit card and spend out this investment, locally, over time. Unfortunately, I had the expectation that I would be able to get a Debit card in my home currency, CDN$. As an early adopter, I had hopes that a Debit card in CDN$ would be a shoe-in; GM is a Canadian company listed on the TSX. Years later, I continue to wait for this to happen.

I can get a US$ Debit card which I can use locally, the way I would use a CDN$ Debit card, but each transaction goes through a Financial system entity which will attach 'their half' of a currency exchange transaction Vig (plus fees) to each use. A nice loss, out of the gate.

Still, I will get a US$ Debit card to use on vacation in the US, later this year, but that is more of an outlet than an original plan. The remainder I will consider divesting into little cubes as I hear they could be useful as weights when spring fishing.

CHR.

Fri, Jan 5, 2018 - 9:06pm
ggslv58
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Eagle Vale NSW
Australia
Joined: Apr 21, 2013
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Location of Goldmoney vaults

i have Bitgold / Goldmoney and have yet to see the point in different vault locations because ALL physical redemptions are shipped from the US !!!!

even the Goldmoney user forums can offer no realistic reason to store anywhere 

so i just use it to transfer funds to the Goldmoney debit card(Mastercard) to access Gold's value 

i wouldn't be surprised to find out that Goldmoney `uses' our gold whilst it's in storage 

keep stacking

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