wtf

[kirkblitz]

how messed up is this? I cant seem to get a notary to notarize and file out the papers for goldmoney.com they all seem to think its a scam because it wants to know the notaries name and whom certified them. how the hell am i so unlucky lol

 

[AceNZ]

I had some trouble with goldmoney too.

You might look into BullionVault. I've found them to be very easy to work with, and their fees are lower than goldmoney's. Plus, they give you a free gram of gold when you open your account.

 

[jonahtrainer]

That is odd as it is completely outside the scope of their job. All a notary should do is certify to your attestation of the document as a true and correct copy. That is all you are paying them for (unless they are a friend doing the notarization for free). Perhaps you need to find a more professional notary.

Does BullionVault require proof of identity and source of funds as required by IMF money laundering regulations?

I have accounts with both GoldMoney and BullionVault and don't remember BullionVault requiring the paperwork but I have not transferred large amounts of capital into BV but have into GM.

 

[youngbuck]

Yea I've never had a notary question anything about the document. I just walk into my bank and they notarize it, even if it's a personal letter or anything...

 

[AmyPA]

Yea I've never had a notary question anything about the document. I just walk into my bank and they notarize it, even if it's a personal letter or anything...

Lucky. What bank?

It was a nightmare trying to find a notary while I was vacationing in Miami. Amex froze the only card I'd brought with me for the trip, and they demanded that I get a ton of forms notarized, along with sending them copies of utility bills and 30 forms of ID in order to release the hold. I walked around for hours trying to find a notary. Amex said it needed to be a bank notary or lawyer, for whatever reason. No one would do it. Not Citibank, not Bank of America, not HSBC. I tried every bank branch I found.

I eventually had to pay a concierge to find a lawyer who would do it. Talk about an arm and a leg.

 

[AceNZ]

Does BullionVault require proof of identity and source of funds as required by IMF money laundering regulations?

Yes. It can all be done online, by uploading a scan of your passport and the first page of a bank statement with your name and address on it. Notarization isn't required.

The other mechanism that BullionVault uses to stay out of trouble with the money-laundering police (unlike e-gold, who blew it) is to only allow money transfers to and from a single bank account. I think that fact also allows them to sidestep the requirements for detailed descriptions of the source of funds, since they don't require any additional details on a per-transaction basis. IMO, GoldMoney is walking a thin line on that front, which could be why they're extra paranoid about having people prove their identity.

 

[tsetsefly]

I had some trouble with goldmoney too.

You might look into BullionVault. I've found them to be very easy to work with, and their fees are lower than goldmoney's. Plus, they give you a free gram of gold when you open your account.

will they roll over and hand over gold to the government if the government decides to confiscate it?

 

[AceNZ]

will they roll over and hand over gold to the government if the government decides to confiscate it?

From their website:

Government action against gold owners can be a material risk. This is why BullionVault enables you to secure your gold offshore and to transfer its location at minimal effort as risks in given locations change. It is very difficult for a government intending domestic gold confiscation to apply it on gold held overseas.

They operate 3 insured vaults in NY, London and Zurich. Switzerland has a long and successful history of preventing government asset seizure, so that's the vault I like the best. The vaults are operated by Via Mat (a Swiss company), which also has a very solid reputation.

Unlike almost all companies that sell vaulted gold, including all ETFs, BullionVault keeps your hold in allocated form, which provides additional security. They also fully and publicly disclose all vault holdings in the form of daily audits.

In addition to government seizure risk, counterparty risk is also important. When you buy unallocated gold, which is the most common type, the seller owes you the gold, but you don't really own it. Instead, you become a creditor -- which means that if the seller becomes insolvent, "your" gold can be seized as part of an asset liquidation (this is true even if the seller was a bank). With allocated gold, you actually own it, so it's not on the seller's balance sheet, and can't be sold in the event of financial problems with the seller. I believe GoldMoney also provides allocated gold.

 

[jonahtrainer]

will they roll over and hand over gold to the government if the government decides to confiscate it?

I tend to be of the persuasion there will not be a gold confiscation.

Yes. It can all be done online, by uploading a scan of your passport and the first page of a bank statement with your name and address on it. Notarization isn't required.

The other mechanism that BullionVault uses to stay out of trouble with the money-laundering police (unlike e-gold, who blew it) is to only allow money transfers to and from a single bank account. I think that fact also allows them to sidestep the requirements for detailed descriptions of the source of funds, since they don't require any additional details on a per-transaction basis. IMO, GoldMoney is walking a thin line on that front, which could be why they're extra paranoid about having people prove their identity.

I think BV and GM have two separate business models.

The banking regulations or money service business regulations are what provide the standards and the IMF gets their nose in it. BV simply vaults the gold so I doubt they fall under these regulations. GM on the other hand, because of the payment mechanism that makes the gold liquid (and I heard soon to be extended to silver and national currencies so they'll be more of a competitor to PayPal), I think falls under or at least looks like a money service business. For this reason GM is probably held to the higher standards of proof of identity and source of funds.

I am glad GM is so stringent. E-Gold sure muddied the waters and screwed up big time.

BV may even be more stringent than required. For example, there is Das Safe in Austria that "guarantees anonymity, security and excellent service." From my understanding vaulting services do not have many regulations. Where BV is different is in that they also purchase the gold with your funds.

 

[liberty_Forever]

That exact same thing happened to me, although I don't use goldmoney any more.

 

[kirkblitz]

i think im gonna go with bullionvault. why cant these notaries just do their damn jobs!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

o well, bullionvault is cheaper anyways