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View Full Version : Bank account clampdown - Goldmoney's new policy




Tim724
11-02-2007, 11:17 AM
Anyone else a member at Goldmoney.com (an e-gold provider)?

They just announced that they can no longer directly debit and credit bank accounts in the USA.

Specifically, they can no longer:
(1) Process US dollar electronic check transactions, and
(2) Accept US dollar wires in a US-based bank account.

US customers must now use "international wire transfers," ...whatever those are.

I assume this is related to the Dept of Homeland Security increasing their control of money flows in and out of the country.

Here is Goldmoney's explanation:


Burdensome regulations in the United States are making it increasingly difficult for international companies like ours that are not based in the United States to operate an account with a US bank. Rather than going through the
complex route of opening a US-based subsidiary and the time-consuming and expensive US regulatory process in each of the 50 States, we believe it is in the best interest of our company and our customers for GoldMoney to remain
within the jurisdiction of Jersey, British Channel Islands, one of the world’s most respected financial centers.

Wendi
11-02-2007, 12:32 PM
Me thinks it is a sign that the gov't is getting increasingly worried about private citizen's interest in gold...

jonahtrainer
11-02-2007, 01:02 PM
Me thinks it is a sign that the gov't is getting increasingly worried about private citizen's interest in gold...

This is a vote of 'no confidence' in the US by Turk. If the US$ continues falling off a cliff then the US will probably impose currency controls in the next 6-12 months. Turk has discussed this in a recent interview (http://www.yourbusinessprofiles.com/articulate/32/player.html).

bc2208
11-02-2007, 01:28 PM
Got that email too. I made my first purchase on GM this summer, then decided I didn't want electronic gold. Cashed out as soon as I sent in the papers and have been buying physical all the way up the back of this bull!

Green Mountain Boy
11-02-2007, 01:37 PM
Got that email too. I made my first purchase on GM this summer, then decided I didn't want electronic gold. Cashed out as soon as I sent in the papers and have been buying physical all the way up the back of this bull!

I feel the same way. I never used egold simply because I never trusted it. It is much better to hold the physical stuff instead of having papers saying you own some gold.

Shooterman
11-02-2007, 02:52 PM
Before I ever bought gold, I was advised to always take possession, and keep it close, even if you have to bury it in the ground.

angelatc
11-02-2007, 03:43 PM
I understand what you're saying, but if you want to trade in it, isn't e-gold.com a place where you can do that?

I remember back in the early days of eBay some people would take e-gold payments.

Of course, that was before eBay owned PayPal and banned virtually all other forms of payments.

Shooterman
11-03-2007, 09:47 AM
I understand what you're saying, but if you want to trade in it, isn't e-gold.com a place where you can do that?

I remember back in the early days of eBay some people would take e-gold payments.

Of course, that was before eBay owned PayPal and banned virtually all other forms of payments.

Presuming that was directed at me, I'll answer like this. Until gold once again becomes the recognized medium of exchange, and recognizing bad money drives out good money, gold and silver is bought, at least in my case, as a hedge against the worst tax of all; inflation

jonahtrainer
11-03-2007, 10:51 AM
I feel the same way. I never used egold simply because I never trusted it. It is much better to hold the physical stuff instead of having papers saying you own some gold.

This is an interesting concept. Considering our lack of civil liberties here why would you want your physical gold on US soil?

With GoldMoney.com title to the gold vests with the individual. You can walk into GoldMoney and withdraw a physical bar. The internal controls and governance of GoldMoney are extremely tight compared to e-gold (bullion handled by ViaMat - oldest Swiss bullion handlers; insured by Loyds of London - oldest most respected British insurance company; audited by Ernst & Young - respectable international accounting firm). For example, wire money to your GM account, buy the physical gold then withdraw it into your safety deposit box in Switzerland.

I am not sure I would want many assets of intrinsic value on US soil. The exportation of pennies and nickels is illegal punishable by $10,000 fine or 10 years in jail. If you need to flee the US then what makes you think you will be able to take your gold with you? What if your capital needs to flee the US because currency controls are imposed?

Nevertheless, I think one should have both physical gold in their possession and physical gold held in allocated storage in a remote location(s). The US is simply too dangerous towards capital these days. The PATRIOT ACT is 362 pages and 125 apply to finance and banking. The US can fall into chaos and the world will go on. If your assets and travel documents are in place you will be prepared and be fine. Nations rise and nations fall. Obladee Obladah life goes on.

giskard
11-03-2007, 11:39 AM
So how else can one send US money to Goldmoney?

jonahtrainer
11-03-2007, 05:59 PM
So how else can one send US money to Goldmoney?

Until Dec 31, 2007 you can use electronic check (probably not for new accounts though).

Until March 31, 2008 you send an international wire transfer to a bank in Jersey. These cost about $30. For transfers greater than $5,000 the $30 fee will be reimbursed.

After March 31, 2008 you will only be able to send international wire transfers.

You could also get capital into GM by purchasing goldgrams from a current GoldMoney Holding owner. For example, you could send me money via Paypal and I could send you some GoldGrams. In 2008 I think they will be expanding payments to include silvergrams and perhaps even currencies.