Apmex onegold.com
Moderator: Global Moderator
Apmex onegold.com
Calling onegold.com to ask some questions about their service. Been on hold for long time. Luckily it's just questions and they do not have my money. Not a good start. Hopefully, they will redeem themselves once I get through.
Re: Apmex onegold.com
Update - I got through.
Here is how I think this works:
Basically this is an allocated unsegregated account. My main concern was the mechanics of redemption. As an example, if you purchase one ounce of gold. Supposedly that will never change on your account. It will show one ounce on your dashboard. If you want to redeem the gold and have it shipped to you,
Onegold essentially liquidates your ounce and then hands the proceeds over to Apmex (which is a different company but owns Onegold together with Sprott). Then you take the proceeds and buy a one ounce coin on the website with the proceeds. But your proceeds did not include the premiums which you still have to pay. The service rep did not think that you could top up the order and pay the difference yourself. So I have no idea how you would pay the extra $150 for the premium.
Also I forgot to ask if the liquidation of the onegold ounce would be a taxable event. He probably would not know anyway and I am guessing that it is taxable. Tax + premium could be a serious hit to any gain in price.
All in all. I would pass on this and just use an ETF + buy physical gold myself.
Here is how I think this works:
Basically this is an allocated unsegregated account. My main concern was the mechanics of redemption. As an example, if you purchase one ounce of gold. Supposedly that will never change on your account. It will show one ounce on your dashboard. If you want to redeem the gold and have it shipped to you,
Onegold essentially liquidates your ounce and then hands the proceeds over to Apmex (which is a different company but owns Onegold together with Sprott). Then you take the proceeds and buy a one ounce coin on the website with the proceeds. But your proceeds did not include the premiums which you still have to pay. The service rep did not think that you could top up the order and pay the difference yourself. So I have no idea how you would pay the extra $150 for the premium.
Also I forgot to ask if the liquidation of the onegold ounce would be a taxable event. He probably would not know anyway and I am guessing that it is taxable. Tax + premium could be a serious hit to any gain in price.
All in all. I would pass on this and just use an ETF + buy physical gold myself.
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Re: Apmex onegold.com
That sounds complicated and expensive. Good thinking not to go ahead with it.ppnewbie wrote: ↑Mon Apr 27, 2020 3:20 pm Update - I got through.
Here is how I think this works:
Basically this is an allocated unsegregated account. My main concern was the mechanics of redemption. As an example, if you purchase one ounce of gold. Supposedly that will never change on your account. It will show one ounce on your dashboard. If you want to redeem the gold and have it shipped to you,
Onegold essentially liquidates your ounce and then hands the proceeds over to Apmex (which is a different company but owns Onegold together with Sprott). Then you take the proceeds and buy a one ounce coin on the website with the proceeds. But your proceeds did not include the premiums which you still have to pay. The service rep did not think that you could top up the order and pay the difference yourself. So I have no idea how you would pay the extra $150 for the premium.
Also I forgot to ask if the liquidation of the onegold ounce would be a taxable event. He probably would not know anyway and I am guessing that it is taxable. Tax + premium could be a serious hit to any gain in price.
All in all. I would pass on this and just use an ETF + buy physical gold myself.