Both look pretty sound to us. Bullion Vault probably does a better job of convincing the prospective client of the safety and security aspect of the underlying physical bullion. Gold Money is headed up by James Turk, who is a very prominent businessman and is on the board of directors for DRD Gold here in SA. Both companies offer the client a convenient and liquid way to buy and own and trade gold. Gold Money probably has better diversification by having vaults in London, Switzerland and the Far East. On balance we would say that owning gold with both companies is probably a wise solution, to achieve your own degree of diversification.
Thanks for the info. I decided to go with goldmoney for now.
I opened an holding but got stuck at setting up my bank account. The process requires one to set the currency of the bank account, Rand is not an option. Do I have to get an local account in one of the supported goldmoney currencies? Or can I just specify any currency and it will work with my local Rand account?
You need to wire money to Goldmoney in one of the currencies in which they operate. That would be USD, EUR, GBP, CHF (Swiss Franc). Your bank can do the transaction from ZAR into one of these currencies and you will pay the relevant charges and exchange rate. This is not too cheap unless you are doing fairly large amounts so try and buy a decent once off amount to start so that you can aquire gold in the cheapest possible way. Bottom line is that you need to speak to your bank and get them to facilitate the transaction.
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Are there any differences between http://www.goldmoney.com and http://www.bullionvault.com ? Which of the 2 would you recommend using?
Both look pretty sound to us. Bullion Vault probably does a better job of convincing the prospective client of the safety and security aspect of the underlying physical bullion. Gold Money is headed up by James Turk, who is a very prominent businessman and is on the board of directors for DRD Gold here in SA. Both companies offer the client a convenient and liquid way to buy and own and trade gold. Gold Money probably has better diversification by having vaults in London, Switzerland and the Far East. On balance we would say that owning gold with both companies is probably a wise solution, to achieve your own degree of diversification.
Cheers
Thanks for the info. I decided to go with goldmoney for now.
I opened an holding but got stuck at setting up my bank account. The process requires one to set the currency of the bank account, Rand is not an option. Do I have to get an local account in one of the supported goldmoney currencies? Or can I just specify any currency and it will work with my local Rand account?
You need to wire money to Goldmoney in one of the currencies in which they operate. That would be USD, EUR, GBP, CHF (Swiss Franc). Your bank can do the transaction from ZAR into one of these currencies and you will pay the relevant charges and exchange rate. This is not too cheap unless you are doing fairly large amounts so try and buy a decent once off amount to start so that you can aquire gold in the cheapest possible way. Bottom line is that you need to speak to your bank and get them to facilitate the transaction.
Cheers