Vaulted gold experiences

Hi gang, wondering which of you out there also have used vaulted Gold services and what your experiences are. Here in the EU I'm using GCX.io and happy so far, but wondering what else is out there. Feel free to shoot me questions also, been using it for a while now.

Catch you laters!

 

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Yes, exactly that. Or a place that does both... but can still physically deliver when you want to move it.

 

Oh.. why is that? Did you have a bad experience?

 

"IF clients have built up a sufficient Gold balance in their account, they can request physical fully insured delivery of their Gold bars.

Users receiving Gold, can in turn, redeem this for physical bars, load their Gold balance on to a prepaid MasterCard, or request a wire transfer."

http://www.prnewswire.com/news-rele...l-payment-and-savings-platform-515253591.html

No prospectus! No. You don't know their charges , minimum amounts to get it returned, tax status, reporting agencies. good luck.

 

On a separate point, are you an agent, principal, or associated with this company? The rules are strict on this point to reduce spam or self promotion. Jim

 

I didn't have an issue using them yet, but I'm just using it basically like a bank alternative at this point. I can't afford a 200gram bar to get it delivered, not yet anyway. But I'm slowly trading up, buy low sell high with limit orders.

Yes I get some of your points, I was and sitll am a bit wary. Started with small amounts and it seemed to work. So far so good, but who knows right?

Though I'm really curious what else is there like it for us that can't afford a bar outright, or maybe a full sovereign. But want to achieve some financial freedom. And well, testimonies. People that have actually used said services, as you state, hard to trust anyone.

It's ok, I get it. Better safe than sorry!

 

I also found Bitgold on Google, Canadian based from what I see and kind of similar to what I'm using, what do you guys think of this one? Would love opinions.

 

There are also many such companies that went belly up or just plain stole out of its vaults. I would NEVER trust my pm's with such companies imho

 

Do you have some names, articles? Would be good to check, thanks!

 

They have a referral program, if I wanted something out of it you'd see a referral link Thank you for your feedback though, good points.

That said, there's no company in this space that is trusted, or operates on good principles?

 

Here's a VERY recent one. And there are many more like it...

http://www.mystatesman.com/news/news/local/downtown-austin-vault-of-precious-metals-turns-up-/nnYS2/

 

Thanks Cascade, if you remember any more poaaast

 

Read it, nice find. I'll research this a bit more, but still open to feedback or other personal stories.

 

Try to Google "store your gold vaults theft" "commercial gold vault theft" and variations of it. I'm sure you'll find other similar stories I've read about in the past.

As to others personal stories, I doubt many if any members here use these companies for the obvious risks and cuz were mostly coin collectors first and foremost so we like to hold it in our hands.... Aside from those that trade paper of coarse

 

And those that trade options based on precious metals such as GLD SLV options, they have prospectus publications filed publically with ( in US)the SEC. Without such the firm can use the gold deposits to satisfy debts, legal claims by others, etc. as part of their business in case of default and the 'paper' or 'digital owner' ends up as a claimant in line rather than 'first off the top' reimbursement. Especially beware of those incorporated in countries with loose or nonexistent participant rights laws.

This is not saying that the mentioned firm is one of these, just that since you have values with them, you should have a firm legal document that will protect you if and when it disappears. Many people have a problem using GLD and SLV to have a basis in gold or silver ownership, but if you read the prospectus , every possibilities is discussed. Yes a long work, but that is what you will have behind you.

Especially look for 'settlement' as many, including GLD, SLV, and the Bank of China's Gold savings plans, and others say that they can cash out to the participants rather than deliver the metal if they have any. A popular thought is to pretend to hold metal while they play the markets hoping to increase their value and paying off debts in cash or credit card values. Just be careful and get all of the background before committing any funds.

 

You could buy Gold spray paint then paint some bricks and say it's gold.