GoldMoney was acquired by a mysterious Israeli Jew. GoldMoney customers should close their accounts

Background: GoldMoney was the longest running gold account firm, holding about $1.2 billion in gold & silver for customers, in private vaults around the world. GoldMoney was run by James Turk, who is an old guy that is well known, well respected in the gold industry. In the past, GoldMoney had been endorsed by Peter Schiff, Mike Maloney, Eric Sprott, Doug Casey, and many other well-known goldbugs. It was probably the safest of all gold account firms.

A few months ago some unknown 30 yr old Jewish kid from Israel – Roy Sebag (BitGold) – paid $42 million for GoldMoney. There is very little known about Roy Sebag. He worked at some no-name firms I’ve never heard of, and it doesn’t even look like he went to college. This Israeli Jewish kid came out of nowhere, and just bought one of the largest gold account firms in the world. Where did he come from? Where did he get this money? Is he an Israeli citizen, now living in Canada?

https://bitcoinmagazine.com/20543/bitgold-inc-acquires-goldmoney-com-cad-52-million/

https://www.crunchbase.com/person/roy-sebag

http://www.bloomberg.com/research/stocks/private/person.asp?personId=225111820&privcapId=223267736

http://www.macroaxis.com/invest/manager/NRHYY–Roy_Sebag

Is this mysterious Israeli Jew (Roy Sebag) going to pull off a huge heist, like Bernie Madoff or Mark Karpeles (Mt Gox, Bitcoin)? Pay $42 million, to steal $1.2 billion in gold & silver? I don’t know. But I consider the GoldMoney / BitGold situation to be way too risky now. If you have a GoldMoney account, I suggest that you close it out, and get your metal or money while you still can.

 

I should also mention that it was recently announced that the merged BitGold-GoldMoney entity will use the GoldMoney name. Thus, some existing GoldMoney customers might not even notice the change in management. And some new GoldMoney customers might think this is the GoldMoney company of the past.

People might surf the internet, and find old references saying..

– Peter Schiff recommends GoldMoney on page 228 of his bestselling book “CrashProof”

– Michael Maloney recommends GoldMoney on page 192 of “Guide to Investing in Gold and Silver”

– Doug Casey said “I do recommend GoldMoney.com

GoldMoney Review

https://www.caseyresearch.com/articles/doug-casey-gold

And people might not realize that those are OLD quotes (pre-2015), refering to the OLD GoldMoney company. And people might go to GoldMoney.com, sign up, send in their money/metal, not realizing the complete company reorganization in 2015.

(Note: It appears that Eric Sprott still has an equity stake in the new BitGold-GoldMoney entity, but maybe he’ll quietly exit that investment in the future).

In any case, I see this as a high risk situation, with many red flags. I recommend that GoldMoney customers close out their accounts, and get their money/metal while they still can.

 

AC

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  • Mark Delawson

    This article is anti-semitic hogwash and has been proven to be incorrect. Goldmoney Inc. is a publicly traded company with board members and quarterly audits. Its been a year since this defaming article came out and Goldmoney has only succeeded.

  • Bobjones

    This article is totally wrong. Goldmoney is a completely reputable company and I along with many of my friends have used the platform successfully for well over a year. This is not some mysterious shadowy organization. Goldmoney is purblicly traded and completely above board. Anyone who is interested in preserving their purchasing power and buying gold regularly in small (or large) amounts, can easily do this through Goldmoney. I wish that soud money and critically thinking people would start binding together instead of taking each other apart. Goldmoney rocks. Check it out for yourself: www.goldmoney.com

  • Hoffa

    This is just ridiculous. So many wrongs in this garbage! You have no clue about this company and you probably don’t will understand it.

    One word: allokated. There’s yor answer!

    In Swedish: Allokerat!

  • TauntFourStar

    Almost 2 years later and you now have a goldmoney account…? you should really update your article clearing up your statements with relevant information to users and not some theoretical paranoia. It is irresponsible to claim “Spreading the truth, Empowering people” in your header and not mentioning that this is an “opinion” piece and one of poor taste as well for a good portion of it.

    I have had great experience with Goldmoney. Before Goldmoney I did not have a way to buy gold in small quantities for a very low fee and then liquidate back into cash for normal day to day spending within minutes. This company as far as I can tell is providing a great service to many people who previously could not afford to accumulate gold without hefty premiums and thus never did. Also had a friend that saved up the cash to buy a 1oz gold maple leaf back in the day and though gold had dropped in USD, ended up selling it because he needed a little extra cash. If Goldmoney had been around at that time he could have redeemed exactly the amount he needed and kept the remaining gold balance instead of liquidating the entire ounce… I have also found it much more cost effective up to a certain $ amount to send money to overseas relatives. Many send money companies charge a standard fee less conversion fee to send cash, well goldmoney is a % of total bought and sold gold so any $ amount under that threshold, makes more sense to send family gold and have them redeem it to their Citibank account and then withdrawl cash or use ATM card. There are a number of reasons to use a company like Goldmoney (doesn’t have to be GM but they work well for me). As Bob said, they are not perfect but who are we kidding, what company is perfect? I would say give them a shot if you are looking to increase your exposure to gold. Signup is free so you can get in there and poke around, but for buying, they do have a minimum deposit amount now of .25 grams which is still very small and will allow you to test the waters with relatively low “risk”. Funny I am even calling it risk because you can link your bank and redeem back your .25 grams in local currency value or request their pre-paid mastercard for free and redeem it back to that and spend… I was very skeptical of this company at first as anyone should, especially those of us who say if you don’t hold it you don’t own it, but after reading around and testing the waters myself, I found myself in some respects, addicted to saving. It makes much more sense than tossing my idle cash into a savings or checking account.

  • Chris Bergman

    This is an extremely bizarre and completely inaccurate article. Goldmoney is a registered and audited company trading as XAU / XAUMF. Check out:

    https://www.goldmoney.com/newsroom/news-and-blog/one-year-in-goldmoney
    https://www.goldmoney.com/newsroom/investor-relations
    https://www.goldmoney.com/newsroom/reviews

    Note that Peter Schiff’s SchiffGOLD is now part of Goldmoney.

    • LeseMajeste

      And Bernie Madoff was audited every year, until too much money Made Off to Israel and he was busted.