Gold Redemption

Gold redemption is the action of you taking physical possession of gold bullion bars.  At iGolder, you are welcome to redeem your electronic gold into physical gold bullion.

 

Gold Redemption Fee

The maximum gold redemption fee is 5%.  The redemption fee varies according to the availability of physical gold bars as well as the total weight requested for redemption.  Although iGolder is 100% backed by physical gold bullion, we do not always have the exact gold bar size in the country you live.  We purchase gold bars of different sizes and store them in multiple locations.  Our aim is to get as much physical gold at the lowest cost, meaning the redemption of smaller gold bars may require iGolder to swap larger gold bars into smaller bars, thus incurring an additional fee.  Having a redemption fee up to 5% gives us the flexibility to negotiate with other bullion dealers a speedy delivery of your gold bars.  We also want to create a market for gold bar redemption, where multiple dealers specialize in delivering gold bars.  Competition among gold dealers will ensure you pay a fair price for the gold bar delivery.

 

How Redemption Works?

You contact iGolder regarding the type of gold bars you want to redeem and we will give you a quote.  The quote will vary according to the availability of physical bars from our nearest vault.  You can therefore pick which type of bar you wish to redeem.

 

Redemption by Fine Weight

Your iGolder account is denominated in fine weight of gold.  For instance, let us assume you wish to redeem a kilobar having .9999 fine gold content (99.99% purity), then you need only 999.90 grams of gold in your account (assuming no redemption fee).  Assuming a redemption fee of 5%, then you need 1,049.895 grams of gold to redeem a kilobar of .9999 purity.

 

 

 

Since August 1st, 2013 iGolder is no longer accepting new accounts and balances can only be redeemed. During the past years, we have been recommending Bitcoin more than our own payment system. We believe in physical gold ownership, and developed iGolder as a mechanism for people to acquire physical gold by trading with one another.

Since iGolder has a central point of failure (our server may be raided by thugs wearing some kind of uniform), we feet it is safer for us to cease operations. The iGolder experiment has been personally rewarding as we met many gold enthusiasts and also learned about Bitcoin in the process. For those who have no idea what Bitcoin is, we recommend doing your own research. Bitcoin is far superior to iGolder in every way, both in privacy and security as our server is always vulnerable to confiscation. Bitcoin is a communication protocol with a built-in "escrow service" capable of protecting both the buyer and the seller, rendering our Safetransit completely redundant. To learn more about the Bitcoin protocol and its feature, please watch "http://www.youtube.com/watch?v=mD4L7xDNCmA (Bitcoin 2012 London: Mike Hearn).

For those having gold in their iGolder account, we will ship the physical metal to anyone having more than 1 ounce of gold, assuming the owner is willing to assume the shipping costs. For smaller quantities, we offer to settle in Bitcoin, however we will also settle with any other reasonable payment system. We will give everyone at least two full years (until 2016) to contact us to claim their gold. After that period, any unclaimed gold will go to fund an economic development project in Honduras helping local people to become entrepreneurs.

We sincerely wish you the best in life and hope to keep in contact with you.

Yours in liberty,
The iGolder Team.


Update 2014: Since we announced we no longer accept gold transfers, we have received countless emails asking to keep the free gold charts and the PGP encryption tools. We plan to keep running the domain iGolder.com for both the gold charts and the encryption tools. Better, we are developing state of the art open-source software for a secure decentralized social network with a built-in wallet. We will announce when we have a product ready for use. Stay tuned!