OneGold

BobSav

Does anyone know anything about or done business with a company called " OneGold ". ( Onegold.com )
Apparently they are owned or connected with AMPEX and Sprott Inc. Right now you can purchase Gold and Silver at 1% and 3% respectively. They claim total liquidity for all your holdings at any time.
Bob

johnny9434

First I heard of them

MsMorrisine

if they "hold your gold for you in their vault" then the general consensus is not to do that.

derryb

@MsMorrisine said:
if they "hold your gold for you in their vault" then thr general consensus is not to do that.

Yepper, more like you're renting it from them.

MilesWaits

Ugh. Argh.
Maybe a bit o spam.

Timbuk3

I'll pass !!!

PerryHall

@MsMorrisine said:
if they "hold your gold for you in their vault" then the general consensus is not to do that.

If the gold isn't in your possession, do you really own it?

ricko

I have not heard of them....Nor would I use such a service. I want my gold where I can touch it if needed... same with silver. Why pay them to store/hold your gold? Makes no sense...Cheers, RickO

derryb

two highly respectable names in the PM world. They've partnered to create a product that some investors prefer: outside storage and ease of trading. Sorta like the Kitco unallocated PM pool account. Sprott and Apmex are banking that their name recognition will make outside storage a little more acceptable.

derryb

@PerryHall said:

@MsMorrisine said:
if they "hold your gold for you in their vault" then the general consensus is not to do that.

If the gold isn't in your possession, do you really own it?

You own a "claim" to it. Claims are only as good as the party expected to honor it.

taxmad

@derryb said:

@PerryHall said:

@MsMorrisine said:
if they "hold your gold for you in their vault" then the general consensus is not to do that.

If the gold isn't in your possession, do you really own it?

You own a "claim" to it. Claims are only as good as the party expected to honor it.

Why that sounds like 'counter-party' risk...

oh - and LOL

ballistic_kennedy

I have played with OneGold, just to check it out. I am currently in the process redeeming what I had in in gold bullion.

I can answer any questions you may have. The process was interesting but not for me.

Jimnight

Never heard of them.

ballistic_kennedy

Got a PM asking about my experience with OneGold. Here are the points I made.

A few things to note:

1) Money deposited from Paypal incurs a 3% fee.

2) Money deposited has to stay in the account for 60 days before you can redeem anything. No limits to how often you can buy, sell or switch investments within the account.

3) In order to redeem in metals you have to email them a copy of your drivers license to verify identity and address. This takes a few days to be verified.

4) Redeeming in metals is easy after that, you get the Apmex cheapest price (which is still spendy). Shipping is fast and free.

5) They had gold, even when it was hard to get anywhere else.