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Goldmoney And Due Diligence

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I have a question about Goldmoney.

I was doing due diligence on behalf of a friend before he invested his money (and some of mine) with them. I note that once your account is validated you can then access the Deloite quarterly audits via their web page, but only after signing a digital agreement not to distribute it to third parties.

I felt some concern that I was getting this document from Goldmoney and not from Deloitte. Theoretically it could be fake (not that I think for a second it was) so I checked with Deloitte Touche it was a genuine document, just to be thorough.

The odd thing is DT refused to verify the authenticity of the audit document, or even acknowledge that Goldmoney is even their client (though obviously they are.) I've never come across this kind of behaviour before and I'm now concerned that the audit provided by Goldmoney has somehow been abridged, because Deloitte don't seem to want to publically acknowledge it as their work. Moreover on the audit as provided there are no names of any persons or departments within Deloitte. It just says Deloitte London. And there is no Deloitte letterheading.

And all that makes me rather nervous. Am I being overly cautious? I would have thought getting a regular big four audit was intended to reassure people like me, not raise concerns.

Edited by tpbeta

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The audit is to protect shareholders, from the management. Not sure how many shareholders are however if the directors hold all the shares......there is not a huge need to check their assurances to the auditors.

I have a question about Goldmoney.

I was doing due diligence on behalf of a friend before he invested his money (and some of mine) with them. I note that once your account is validated you can then access the Deloite quarterly audits via their web page, but only after signing a digital agreement not to distribute it to third parties.

I felt some concern that I was getting this document from Goldmoney and not from Deloitte. Theoretically it could be fake (not that I think for a second it was) so I checked with Deloitte Touche it was a genuine document, just to be thorough.

The odd thing is DT refused to verify the authenticity of the audit document, or even acknowledge that Goldmoney is even their client (though obviously they are.) I've never come across this kind of behaviour before and I'm now concerned that the audit provided by Goldmoney has somehow been abridged, because Deloitte don't seem to want to publically acknowledge it as their work. Moreover on the audit as provided there are no names of any persons or departments within Deloitte. It just says Deloitte London. And there is no Deloitte letterheading.

And all that makes me rather nervous. Am I being overly cautious? I would have thought getting a regular big four audit was intended to reassure people like me, not raise concerns.

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The audit is to protect shareholders, from the management. Not sure how many shareholders are however if the directors hold all the shares......there is not a huge need to check their assurances to the auditors.

It says in the opening " This report is intended solely for use by the management of Goldmoney Network Limited, their users, and the independent auditors of their users." That seems pretty definitively intended for the re-assurance of the users.

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It says in the opening " This report is intended solely for use by the management of Goldmoney Network Limited, their users, and the independent auditors of their users." That seems pretty definitively intended for the re-assurance of the users.

Buy physical and sleep soundly at night, that's my advice. No counter party risk that way. Trust no one!

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I thought the audit, as advertised, was primarily to verify the physical stock, not a traditional financial audit. I suppose technically they could just put enough stock in for the audit and then remove it the next day. I'm not saying that they do this, just a thought.

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The thing about outfits like Bullionvault and Goldmoney is that if they were not on the level you would only find out when the price goes south. Other than that their only regulation is self-regulation. Having said which, Bullionvault's due diligence paperwork seems a bit more in order.

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I'm with the General on this one...

Get Sovereigns or Brittanias.

Then if you want an audit, just open your safe! :D

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I'm with the General on this one...

Get Sovereigns or Brittanias.

Then if you want an audit, just open your safe! :D

Personally I still prefer a warehouse full of canned goods meself and yes I am very serious.

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Personally I still prefer a warehouse full of canned goods meself and yes I am very serious.

1. do you have a warehouse?

2. what will stop pikies doing audits of their own on your canned goods?

3. how far away is this warehouse that you will need to travel to and get your canned goods from?

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Personally I still prefer a warehouse full of canned goods meself and yes I am very serious.

Maybe you do & you are.... But what's that got to do with "investing" in gold ?

However, you've got my interest now (too much wine, I'm going to bed after this).... If you had a warehouse full of canned goods what ratio would you have of tins of meat, fish, veg & fruit?

And not forgetting beans of course :-)

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Maybe you do & you are.... But what's that got to do with "investing" in gold ?

However, you've got my interest now (too much wine, I'm going to bed after this).... If you had a warehouse full of canned goods what ratio would you have of tins of meat, fish, veg & fruit?

And not forgetting beans of course :-)

imagine trying to rotate your way through a warehouse full of canned goods constantly moving toward being out of date and useless/worthless?

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Personally I still prefer a warehouse full of canned goods meself and yes I am very serious.

It's good to have some canned food. However, for portability and long term storage, freeze dried food is better, it will keep for 25-30 years. Also supplement that with a good quality, portable survival water filter (£100-£200) and a Kelly kettle (£30-£60).

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It's good to have some canned food. However, for portability and long term storage, freeze dried food is better, it will keep for 25-30 years. Also supplement that with a good quality, portable survival water filter (£100-£200) and a Kelly kettle (£30-£60).

You sound ready for an end of the world scenario ?

Which makes physical gold in your possession a lot more useful than in a warehouse far away.

Its physical gold or nothing in my book.

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You sound ready for an end of the world scenario ?

Which makes physical gold in your possession a lot more useful than in a warehouse far away.

Its physical gold or nothing in my book.

It is handy to have some useful items for an emergency. However, the beauty of the monetary metals, in particular gold is its portability and acceptance around the world. Should things look like they are going to get nasty, IMO it is wise not to stay put, but to go to a place of safety.

Edited by Take Me Back To London!

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  • 239 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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