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Goldmoney – Your Personal Gold Standard – A Conversation Between Peter Schiff and Roy Sebag

from Peter Schiff:

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3 comments to Goldmoney – Your Personal Gold Standard – A Conversation Between Peter Schiff and Roy Sebag

  • Craig Escaped Detroit

    I actually signed up for an account & I appreciate how it can work, and what advantages it can have.

    (For any idiots who think I prefer accounts rather than holding my own physical,then you are a moron. My number 1, 2 & 3 rules are “I gotta hold it in MY hands and keep it away from anybody’s hands.”) But after I have fulfilled my 3 rules, then I went looking for something that can help to fill the “electronic-spendable” gap.)

    What I do NOT appreciate is that the American laws (and perhaps other country’s laws) require a few “hoops” to jump thru. Such as the “KYC” (know your customer) laws, money laundering surveillance, etc.

    To open the account, is pretty simple, but as you reach the level of $1000 of “deposit-gold purchase”, you have to email a copy of your driver’s license, etc.

    At some point, (not sure what the trigger may be), but I was using a credit card to buy more gold, and the transaction was “delayed & delayed”, so I charged another couple hundred bucks and suddenly they said “in accordance with the KYC rules”, they required me to send PROOF of INCOME (probably some laws aimed against money laundering, terrorism, or the underground economy), etc. and so I had to email them a copy of my tax statement, or other “legal proof” that I am getting legitimate income. Then the transactions that were delayed for SEVERAL days, finally went thru. It’s not really THEIR fault, it’s TPTB who want to outlaw cash, and control & monitor every money transaction on earth.

    Anyway, if you ever have the need to get a “cash advance” on any of your regular credit cards, those bank cards often charge from 21-25% interest on “cash advances” (even if your card is pegged at 12% for “purchases”, a CASH ADVANCE is not a purchase), AND they’ll hit you for an UP FRONT FEE of about 3%.

    You can work around all that, by using your bank-credit card to BUY gold into your “Gold Money account” at your “merchandise purchase” level of your typical 10-15% interest without getting hit with the higher rates and escaping the 3% cash fees.

    Gold money charges you 1% of the deposited amount, and when you sell your gold, they charge another 1% again.

    But when you use your normal bankcard to buy gold at about 10-15%, (plus the 1% GoldMoney fee), and then SELL some of that gold (@1%) to LOAD it onto the GoldMoney Debit Card (MasterCard), you can then go to a “compatible” ATM machine and get CASH (at the typical $20-$3 ATM fee).

    There is a BIG possible advantage to the GOLD MONEY Debit card, is that YOU can keep it at or near ZERO balance until you wish to use it. You just log into your account, and sell however much gold you wish to spend on that particular day. WHY is this good?

    Because more and more POLICE agencies are using CIVIL ASSET FORFEITURE LAWS to CLEAN OUT the balance on any DEBIT card they find in your possession. If you keep your card at ZERO, there is NOTHING the cops can steal (and since your GOLD MONEY account is NOT any kind of BANK account, it’s BEYOND their reach, they probably would have a very hard time to find that information because it’s a gold retailer & vaulting service and not governed by FACTA and other “reporting requirements”. So, it’s not a bank, yet you can use it almost like a bank.

    I put gold into my HONG KONG (or Singapore location), only as much as I am willing to lose when the SHTF, but I am hopeful that my GoldMoney account will remain active and usable for a period of time, even after the BANKS get “bailed-in” and emptied out. I’m not holding my breath, but it sure seems like one of the better alternatives to real banks, credit unions, etc.

    I still don’t like BTC’s survival or usable functions when the GRID goes down, such as happened in Puerto Rico. Data networks were down, banks, gas stations, etc. (this also would kill my ability to access my GOLD MONEY account too, yeah, I get it.)

    I hope you found MY experiences & information HELPFUL for your “education” and for the choices that you may wish to take advantage of.

    Oh, PS…. Gold Money does NOT issue MULTIPLE DEBIT cards in the SAME currency. I am sad about this, because I’d like to SEND a card to a FAMILY MEMBER so I could LOAD it up and they could USE it without having to rely on bad systems such as “Western Union, Walmart Pay, or MoneyGram”.

    There is some “Gift card-bank cards” that can work like that, BUT, if you don’t have a HOME PHONE LAND LINE (like me), they often will REJECT you as a user. But for those of you who are looking for a bank-type gift card that you can reload at ATM’s and take out cash from ATM’s, there are 2 cards that I researched that had the best “rates” and conditions.

    One was a “Blue card” sold at Walmart (or on line) that is “administered” by American Express.

    The OTHER card with the best conditions, was a debit card issued through “H & R Block” tax offices (not available on-line). But H&R rejected ME because I never had them doing my taxes (I do them myself), and they could not get enough “verification” on me. (probably more of those government “anti-money-laundering” FACTA, etc rules.) I think I enforce just a bit TOO much personal PRIVACY for them to be comfortable with me. Ouch.

    I spent HOURS reading up, researching and reading the BAD reviews of SO many DEBIT cards, etc. They all have wonderful web pages and sound SO good, until you read about how so many people lost their money and often could NOT get it back.

    I even FOUND somebody who SELLS debit cards from a POLAND BANK, that are good for at least a year or two, and totally anonymous, but you send $35 for an empty card and then you log in and add funds to your card. They warned that SOME sellers sell cards that are “Blocked” from using North American IP addresses, but this particular POLAND bank card was not blocking USA IP addresses. The card annual limit was capped at $3,500.

    BTC? Can be OK if you don’t mind the fact that it contains a FULL record of EVERY transaction that it has gone thru. It’s like a CIA personal FACTA self reporting digital transaction that never dies.

    Even the POST office uses X-ray machines etc, to see who is sending CASH thru the mail (made easy by the metallic-magnetic inks that are used on the paper!) You can even detect BURIED bundles of cash with some metal detectors because of those inks. Those inks and paper have other chemicals that trained dogs can sniff.

    RFID miniaturized chips, less than 1mm diameter and thinner than a human hair, can be (probably is) embedded into paper money to broadcast the serial number & denominations. Even 10 years or more ago, the government had scanners that can detect those tiny RFID chips from a Cessna or a helicopter.

    I often wonder how many capabilities those ROAD embedded antennas might have? I would NOT be surprised if the end-game is for those road “scanners” located on EVERY highway, freeway, and near every exit, every city, every town, is to monitor and scan all the RFID chips in every car, every wallet, driver’s license, passport, etc as you drive down the road?

    If that is what they are doing, then you’d have to put your ID & money into a small Farday cage and ride a BICYCLE so you could get OFF the road and go AROUND (avoid) all the road scanners by a large enough distance that the scanner cannot read you. This is practically science fiction fantasy stuff, but I would not discount it so easily.

    • Millicent

      Buy a few Valcambi gram-divisible bars and forget about all of that crap… You are just putting yourself into some government database for future attention.

      • Craig Escaped Detroit

        I have looked at those COMBI Bars “gram divisible bars” and they are fantastic, but sadly, they charge premiums that are equally fantastic.

        I always fulfill my first 3 rules prior to doing anything that is not “physical PM’s in my hands”, and because this world deals SO much with cash-digital-electronic transactions, my little research has shown me that NO bank or even Credit Union (if it’s in North America) is safe. So that’s why I did decide to open an account at GoldMoney, to be able to dabble & play with it.

        We are ALL in the “databases”, if you were born, if you had a job, filed any tax return, voted or got any driver’s license, then you are in many databases.

        As for dividing bars into Gram-sized pieces? I’ve got tools and know how to use them. Even a sharp chisel, hammer, vise or anvil, metal plate, or you could even go down to the rail road tracks and hammer-chisel your gold or silver against the tracks. There is always a way to get things done for people who are clever (or devious).

        Since EVERY gold buying shop has the “touch stones” and the acids for testing purity, they won’t have any problems with people who sell “cut-offs” of gold.

        As for the silver gram waffle mini-bars? It was cheaper, easier just to buy the 90% junk silver (USA) dimes, or the 80% junk silver CANADIAN dimes. The minted coins are something every buyer recognizes without questions or fears.

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