FAQ's
WHAT IS THE HONESTMONEY INTERNATIONAL GOLD & SILVER STANDARD?
HonestMoney is one of the world's most secure and confidential ways for an individual, company or trust, to buy, sell, hold or transfer London Good Delivery investment grade gold & silver bullion worldwide as money to shield their wealth from the financial uncertainties we all face today.
HonestMoney is also a 100% fully insured international online payment system that is 100% backed ounce for ounce by only London Good Delivery investment grade gold & silver bullion that is held in allocated storage and safeguarded at all times exclusively in only internaionally acclaimed precious metal depositories that are 100% fully insured by the world's leading specialty insurer, Lloyd's of London.
You can rest assured that HonestMoney is the very best choice for safety and security for your metals.
Combined with the harnessing power of the internet, HonestMoney is able to provide an extremely secure, confidential, practical and inexpensive way for anyone to instantly transact business globally 24/7, making HonestMoney the International Gold & Silver Standard for years to come!
WHAT ARE THE COST ADVANTAGES OF USING HONESTMONEY?
HonestMoney is the most cost effective way to own gold and silver in allocated storage which is the safest and most secure way to store precious metals. Also, because you are purchasing metals already stored in a vault, you never have to pay shipping fees. More savings arise with HonestMoney because you avoid the premium that is paid for fabrication costs when you purchase bars or coins.
Perhaps most importantly, the cost to buy and sell through HonestMoney is generally much less than coins and bars. Our purchase rates are based on the metal's current spot price plus a small exchange fee that depends on the size of the transaction.
HOW DO I OPEN AN HONESTMONEY HOLDING ACCOUNT?
It's easy to do and absolutely free! Click the 'free signup' button on the homepage at honestmoney.com when the system becomes 'live' and then follow the instructions to setup your Holding Account and create a password to access it online 24/7 anywhere in the world.
HOW DO I KNOW MY METALS ARE SAFE?
HonestMoney operates within stringent governance procedures that provide guarantees of integrity that your metals are safe and secure. Together HonestMoney works closely with independent service providers to complete all essential functions under carefully designed checks and balances that ensure customer protections and the safety of each customer's metal. This system of checks and balances between HonestMoney and its various service providers - and the clear audit trail they establish - create a reliable and trustworthy arrangement with important customer safeguards. These include insurance of your metal through a policy underwritten at Lloyd's of London.
To ensure that all governance procedures and operating systems are working properly, HonestMoney will be audited by a leading international independent auditing firm. These audits include visits to the vault to confirm the weight of gold and silver stored there equals the amount recorded in HonestMoney Customer Account Holdings ounce for ounce. The auditor's SAS 70 Type II report will be made available to HonestMoney customers upon request.
HOW CAN I BE REST ASSURED THAT MY PRECIOUS METALS ARE REALLY IN THE VAULT?
There are several important checks and balances in HonestMoney that protect each customer's precious metals. We work closely with our chain of integrity partners to ensure that HonestMoney's payment and accounting system is reliable and secure, and that all the gold & silver is stored safely for our customers.
More important details coming soon.....
WHY SHOULD I BUY PRECIOUS METALS THROUGH HONESTMONEY INSTEAD OF BUYING COINS OR CERTIFICATES?
Bars and coins have many disadvantages, including high fabrication costs and the ongoing issue of procuring secure storage. These drawbacks can be avoided with HonestMoney. Also, in contrast to bars and coins, which are fabricated into fixed amounts, users can decide to buy any quantity of gold or silver they choose. For example: $10 worth, 100 ounces, 10 kilos, etc. And with HonestMoney, selling is as just easy as buying.
Unlike certificate programs and pooling accounts that only hold some of their customer's precious metals in storage, 100% of the metal in HonestMoney's system is securely stored in only world-class bullion vaults that are 100% insured and routinely independently audited.
IF THE U.S. DOLLAR BEGINS TO RISE OR FALL AND THE PRICE OF GOLD OR SILVER BEGINS TO RISE OR FALL VERSUS THE U.S. DOLLAR, DOES THE BALANCE IN MY HOLDING ACCOUNT MOVE WITH THE PRICE OF GOLD OR SILVER?
Yes, you own gold and/or silver in your HonestMoney Holding Account, not any national currency. So the purchasing power of your HonestMoney gold and/or silver rises or falls as gold and silver's rate of exchange to various currencies moves up or down.
IS HONESTMONEY A BANK?
No. HonestMoney is not a deposit taking institution, and no deposit liability is created because the owner of the precious metals in the vault(s)retains ownership at all times.
COULD HONESTMONEY BE USED FOR MONEY LAUNDERING?
No. It is important to first note that HonestMoney itself never accepts cash. HonestMoney is purely a payment system for gold and silver already within the system, which come into the system in the form of 400oz London Good Delivery bars. Bars that meet this Chain of Integrity Standard must be acquired from banks and/or bullion houses that are already regulated in terms of (KYC) Know Your Customer requirements and (AML) Anti-Money Laundering Regulations. Any gold or silver that comes into the system is and must be "clean" Additionally, HonestMoney is implementing a very strict KYC/AML policy that requires our customers to provide their identity and other information, thereby enabling us to make a reasonable determination that they are not engaged in illegal activity. Furthermore, we will not open Holding Accounts for any person or entity who's jurisdiction is listed on the the U.S. Treasury OFAC high risk jurisdiction list.
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HOW MANY GRAMS OF GOLD ARE IN AN LBMA (GOOD DELIVERY) BAR?
LBMA bars range in weight from 350-to-430 troy ounces. HonestMoney converts the fine weight of gold in each bar into grams at 31.1034 grams per troy ounce, which is the ratio used as standard industry practice.
