BitGold Review – Buy Gold Bullion Online Scam?

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BitGold Review – Best Performing Currency?

It’s funny how a well-designed website starts things off on a positive note.  It’s true once again: first impressions really matter.  BitGold has inserted itself into the scandal-plagued industry of selling gold via direct selling methods.

Of course we all know it’s so easy to set up such an eye-pleasing website with templates these days…but then why don’t more MLM companies do this?

Find out here if everything lives up to the good first impression BitGold makes with their very current and professional-looking website.

The Company

On their impressive website, BitGold also impressively lists their “leading investors”.   Other than possibly the Soros investor, I hadn’t heard of any of these organizations, so I took a look.

  • Soros Brothers Investments LLC (as in George Soros? If so, that’s impressive)
  • Dundee Capital Markets (a Canadian boutique investment firm)
  • Sprott Inc (a Canadian alternative asset manager dating back to 1981)
  • PowerOne Capital Markets Limited (a Canadian 12 year old merchant bank)
  • Sandstorm Gold (a Canadian “gold streaming and royalty company)
  • Clarus Securities Inc (an institutional investment dealer in the mid-cap market)
  • GMP Securities (a global investment company)
  • Canaccore Genuity (an investment company)

So, with the exception of the Soros Brothers investor, which online is strangely shrouded in mystery, all these investors are real.

They’re mostly Canadian, too.  Which brings us back to BitGold: yes they’re Canadian, a federally chartered corporation and officially recognized as a Dealer in Precious Metals and Stones.  They are publicly traded on the Toronto Stock Exchange with the symbol “XAU”.

Oh, and as long as we’re throwing around impressive business connections: their financial statements are prepared by a real big-time company you may have heard of: none other than PriceWaterhouseCoopers.

As of September 8, there were almost a quarter of a million BitGold users.  That’s exactly 100 days after going live.

So far, BitGold is living up to its great first impression.

The Product

BitGold’s gold is certified 99.5% pure gold and bought only from an approved list of gold refiners.  Who approves such things?  The London Bullion Market Association (LBMA) or the New York Mercantile Exchange division Commodity Exchange Inc (COMEX).  Both real.

The gold is legally insured by The Brinks Company and held at LBMB or COMEX approved vaults in the customer’s name.

But here’s the real unique selling proposition of BitGold.

When people buy gold through them, they also have the opportunity to spend it easily.  That’s done through the digital payment system they’ve implemented. We also talk about this in Global Intergold for more references.

Accounts are free and easy to set up.  Customers get a prepaid card for using anywhere credit cards are taken.  They may also purchase and hold gold through this account.  Here are some more details:

  • storage of the gold is free
  • the price of the gold is always within 1% of the official price
  • physical vault redemption: $25 + shipping/insurance
  • sending or receiving gold payments: free
  • BitGold prepaid card: free
  • transactions invoiced to BitGold users: 1% of value
  • transactions for accepting credit/debit: 2% of value

There is also an app for managing your BitGold account.

The Opportunity

BitGold runs the “Golden Heart” referral program.  You get a unique referral link and when you refer people you get paid in gold (and so do they).

There is no limit to the number of referrals you can get paid for.  The promotion is different in each country, and you can’t find out what it is unless you have an account.

The Verdict

This is the first time I’ve seen a “buy gold” program that’s made sense and instills trust.  All the markers for legitimacy are there, with the only cause for pause being a few people on their Facebook page waiting an awfully long time for their Golden Heart referral payments.

The added benefit of being able to transfer funds internationally should entice lots of extended families who move to foreign places to make money and send it back home.  It should also appeal to people who are interested in owning gold but who have been turned off by scammy companies based in countries on the other side of the globe.

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