Discussion in 'Digital Currencies' started by bubblebobble2, Oct 11, 2019.
Is it safe?
It is 1000% safe ...... for Perth mint.
They get your money, give you some digits and still keeping the gold in their vault!
What can go wrong?
It used to be printed on paper, now to save the earth it is on your monitor.
This is what PB did to their clients too... AND PB charged clients to store their metals until they can collect...
That's called an (un)allocated account. Perth Mint do that too. This is another form of that based on crypto blockchain, and the advantage is you can trade it with other, not just sell back to the Perth Mint.
This is interesting, I was just looking at karatbar (from Germany) They sell physical gold and are also offering two types of karatcoins backed up by physical gold, one aimed at transactions and the other at investment. Perth Mint might be a safer bet.
The Goldpass terms and conditions are available online as a pdf. Section 7 covers fees. There are no fees at the moment for storage. There are no fees for trades between individual Goldpass users. Buy/sell certificate transactions incur a 1% fee. Gold is sold at spot plus PM premium. As I write PM says spot for 1oz is 2208.xx and they're selling 1oz cast bars at 2233.xx.
Not bad, cause they're quite solid rep.... then again, PB was the same back then... now....
I liked Perth Bullion. They carried more variety than anyone else, however their record keeping and storage left much to be desired according to the liquidator.
Actually I'm quite interested in Goldpass. Min cert purchase to get in is 50.00. Can't use their phone ap except for rego until you fork out some money. Cheap enough to have a squiz. If I don't like it I can have money back into my nominated bank account but will lose a bit for my trouble.
The UOB bank in Singapore offers paper gold. They also buy and sell physical gold bullion with published buy back rates which is important because the bullion dealers in Singapore buy back gold well below gold spot price.
That would be enough to make me a bit nervous.
I won't buy any form of paper or allocated/unallocated gold or silver for long term hold. Maybe for short term speculation, but if I want to go that route, I might as well buy SIL or GDX. But their physical bullion is interesting and the spreads for the bigger bars are good.
I would be happy to use it for payments. Small quantities for trading with others. Like most I want to have my saved metals in my hands not others.
Curious if anyone is using goldpass and what is their thoughts on their experience.
What are the advantages of this, if any compared to the unallocated options PM have.
Looking to get one of these options, so any feedback is appreciated.
It was of interest to me but I found the installation on my cell phone a bit invasive and ultimately the Perth Mint install was not completed. Note that my Samsung is rooted and I run an open source system without google aps, gps and all those other "conveniences" that tell mom what your up to, looking at and where you are.
I have done exact same.
Have the goldpass app on my phone and stopped when it asked for my address etc.
I presume you need to provide the same info when applying for unallocated options with them anyway?
Yes, you have to provide ID when setting up the online depository account.
It's all part of the "know your customer" laws.
The advantage of Goldpass is obvious, it allows you to send and receive gold from anyone else with a goldpass account.
You can't do that with unallocated online depository, just send and receive from your own linked bank account.
The online depository is annoying in that you can't even send in money from other accounts you might have, it has to go through your linked account only.
e.g. You can't say send your PayPal balance direct to the depository account.
Good talk about it.
Thanks for the replies.
One thing that got me with that talk is he kept saying redeemable 1oz. What if i have a fractional portion left over and want to take physical delivery, would I have to top up and make another full oz?
Call their help line on Monday but I'd wager that would be the case.
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