What happened to Goldmoney?

Should you buy from Goldmoney?

If my experience and those of numerous customers of theirs are indications, no! Goldmoney is at worst a huge fraud that has robbed its customers of their savings and at best a very poorly managed precious metals custodian. As a first-mover in the industry, they have sold a lot of digital gold and their customers are not pleased. On Trustpilot and across social media you can find many of their customers, angry with the bad Goldmoney management, onerous fees, and the Goldmoney refusing to deliver them their physical gold.

It seems like sometimes Goldmoney takes weeks (or months!) to give people their money and in some cases, it sounds like people just lost what they invested with Goldmoney. This is, of course, totally what you would expect from an elaborate digital fiat scam, lots of marketing on the front end to get you to plug your credit card details into their slick e-commerce website and you can see “your investment” in their database but endless delays and excuses from them when you want to pull your money out or redeem your gold.

From my review, Goldmoney Deleted My Gold

I suspect that Goldmoney is still in business for the same reason that Tether, the monstrously fraudulent “stablecoin,” has not been shut down by regulators. Financial regulators want the specter of digital money projects melting down in huge scandals so they can justify heavy-handed regulation of cryptocurrency. I have particular ire for Goldmoney not because of the bad experience I had with them but because they make the whole category of digital gold look really bad. Tokenization of precious metals is a great use-case of blockchain and a few companies are doing it transparently with proper third-party audits of gold reserves. And when one of the original digital gold companies treats its customers with such disregard, it hamstrings the widespread adoption of digital gold as a much-needed medium of commerce and hedge against inflation.

About Goldmoney

Goldmoney is a global full reserved gold-based financial services company founded by James Turk, Roy Sebag, and Josh Crumb. The company operates under the Network, Wealth, Physical, and Insights subsidiaries which offer full reserve precious metal focused financial services encompassing savings, payments, wealth services, dealing, execution, custody, and research.[1] Goldmoney Inc. was formed as a holding company following the acquisition by publicly listed BitGold Inc. of the Goldmoney business in 2015. The company subsequently changed its name to Goldmoney Inc. The company has over 1,400,000 clients and total customer assets of 1.8 billion representing 34.1 tonnes of gold making it one of the largest privately owned gold reserves in the world.[2]

From Wikipedia

Originally published on MarketplaceGOLD.com. I’m an independent researcher passionate about financial antifragility and economic philosophy, not a licensed financial adviser. This is not financial advice. Please practice skepticism and critical thinking.

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