Goldmoney is a holding company, not a bank, that is located in the Isle of Man, and well beyond the reach of the US govt. It is also out of reach of the IRS or US court system--so it has an appeal for people worried about, say, former spouses or lawsuits.
The gold is currently stored in London, tho my understanding is they are looking into other places, Switzerland, I believe being one of them.
For US taxpayers, it offers a tax advantage. Goldmoney is patented as digital currency, and thus profits realized on it are taxed as capital gains, as opposed to precious metals bullion, which can be up to %28, I forget which. But of course due your own due diligence on tax implications.
This tax advantage, for those of us who actually report our affairs to the IRS, is compounded, in my view, by Goldmoney's spot rate. It's up to 3% to initially purchase goldgrams, but then no premium applies to when you sell--so you pay your premium when you buy gold low, and then don't have to when you sell high (or higher).
My chief concern, tho it's more something I wonder about, is whether in the future, if and when the precious metals bull market becomes a mainstream pursuit, they might not start charging more fees for transactions. But I suppose at that point we could simply cash out, as that will have meant we're sitting on some pretty nice gains. |
