Frequently Asked Questions
MCG has a strategic alliance with Dillon gage preciouis metals in Texas, who are one of the few precious metals companies with access to the major mints of the world like the US Mint and the Royal Canadian Mint in Canada. All gold backing each MCG will always be 99.999% Fine Gold. The unique reference ID linked each MCG purchase will tell you the location of your gold backing your MCG.
This refers to the purity of the gold, in this case it is 99.99% pure and is the purest form of gold available and is often referred to as Fine Gold. It is also known as 24 karat gold. Conversely, the standard London Bullion Market Association (LBMA) gold bar weighs around 400 troy ounces and has a minimum purity of 995.0 parts/ thousand gold, being less pure at 99.50%. 22 karat gold refers to gold that is only 91.67% pure. The US Gold Eagle, for example, contains 91.67% gold, 3% silver, and 5.33% copper. The South African Kruger Rand, contains 91.67% Gold and 8.33% copper
At time of purchasing MCG, the transaction confirmation details, date & time of transaction, price, currency, location, and purchasers’ details are recorded on the ledger of MCG and reconciled with the ledger and allocated on the ledger in the name of the client
An owner of allocated gold is the outright owner of a certain amount of physical gold. Unallocated gold remains the property of the bank or mint – the investor is essentially a creditor of the bank or mint.
Yes. Your gold is allocated to you on the ledger at time of purchase. The ledger of the Royal Canadian Mint is recognised as “Good Title” by the Canadian Government. “Good Title” means that in the unlikely event that MCG went bankrupt or ceased to exist, your gold belongs to you and will be protected.
Refer to the FAQ “What happens to my gold if MCG goes bankrupt?“ for more information
Your physical gold is held securely in the Royal Canadian Mint and your ownership title is represented by the amount of MCG you own. Your gold is allocated on the ledger in your name at the Royal Canadian Mint meaning it is owned by MCG customers. You are the owner of your gold. In the unlikely event that MCG went bankrupt or ceased to exist, the holders of MCG will have 2 options available to them – 1) to sell their MCG back into fiat money of their choice at the live price of gold at time of selling 2) to redeem the MCG for physical metal and take physical delivery of their gold. Please refer to the link and follow the procedure. MCG works with the precious metals broker Dillon Gage who will assist in this regard
All gold backing each MCG is 99.99% pure. This means it is considered as Fine Gold, the highest purity that exists. Its purity is typically graded using a scale of millesimal fineness. As 100% pure gold is essentially impossible to achieve, this is the purest type of gold commercially available.
The Royal Canadian Mint carries out a daily audit of the Gold held in their mint on behalf of Monte Carlo Gold users. The Royal Canadian Mint is a Crown corporation, operating under the Royal Canadian Mint Act. The shares of the Mint are held in trust for the Crown in right of Canada. The Mint produces all of Canada’s circulation coins and manufactures circulation coins on behalf of other nations.
A unit of account is a term used in economics which defines a nominal monetary unit of measure or currency used to value/cost goods, services, assets, liabilities, income, and expenses. It is one of three well-known functions of money. It lends meaning to profits, losses, liability, or assets
A medium of exchange is an intermediary instrument or system used to facilitate the sale, purchase, or trade of goods between parties. For a system to function as a medium of exchange, it must represent a standard of value. … In modern economies, the medium of exchange is currency.
A store of value is the function of an asset that can be saved, retrieved, and exchanged at a later time, and be predictably useful when retrieved. More generally, a store of value is anything that retains purchasing power into the future. It is interesting to note that by this very definition modern day fiat money does not offer a store in value, as over time, the buying power of fiat money diminishes in vale. Therefore, technically by definition, fiat money does not fir the 3 basic criteria defining ‘money’
To register to buy MCG you simply log into the MCG website (Log in to MCG) and follow the instructions to ‘Create Account’. You will be guided through the registration process and required to give some personal information and to supply some documents. This is known as a ‘KYC or ‘Know Your Customer’, a procedure that is required by law. Once all has been received and approved you will be able to load money into your wallet.
KYC or ‘Know Your Customer. is a process that a new customer must undergo when they open an account with MCG (or any exchange, bank, or financial institution) for the first time. MCG are required by law to know and verify the identity, address, and contact details of any person opening an account and loading money into their wallet. The reason for KYC is to prevent MCG from being used, intentionally or unintentionally, by criminal elements for money laundering activities. This is called Anti Money Laundering (AML) and Combatting the Financing of Terrorism (CFT) by the authorities.
MCG is required by law to know the identity of every registered user. This is to prevent MCG from being used, intentionally or unintentionally, by criminal elements for money laundering activities. This is called Anti Money Laundering (AML) and Combating the Financing of Terrorism (CFT) by the authorities.
No. When you load money into your MCG account, you do not go through a credit check. This is because you are not applying for credit from MCG, as you are preloading your wallet and spending your own money. Credit checks are generally used if you wish to borrow money form an institution or a bank or buy something on an instalment plan
Once you have been registered and passed your KYC (Know Your Customer) onboarding, and have loaded money into your wallet, you can buy MCG at ‘live prices’ in 1-click. The web browser platform or the mobile app are easy to follow. Log in to MCG via your browser and open an account.
Once you have loaded money into your MCG wallet, you can buy MCG instantly in 1-click.
Yes. Should any of your personal details change during the time you are a MCG user, you can either click the account icon at the top right of the page when logged in to your account, and a dropdown menu will appear with an option to ‘update profile’. Alternatively, you can send us an email and request to change your personal details. Depending on what needs to be changed, may determine if you will be required to go through another KYC procedure. Changes to your email address, or mobile number, do not, generally, require a full KYC, only verification. Changes to your residential address or name (through marriage or otherwise) would require you to supply the updated documents
Click on the link “forgot password” on the log in page and you will be asked to enter your email address. A link will be sent to you via email that will allow you to reset your password.
The price you see is the price you pay. There are NO HIDDEN COSTS. When you buy, or sell MCG, is displayed ‘live’ at the time of buying or selling. When you click to buy, the ’live’ price is held for 15 seconds. If you do not complete the transaction in 15 seconds the price will refresh. This ensures that whenever you buy or sell MCG you are assured of the real-time ‘live’ price.
There are NO HIDDEN COSTS – The price you see is the price you pay
Our commission is ‘built in’ to the price you see, so the price you see, is the price you pay. There are no additional costs and NO HIDDEN COSTS
For the time being you can buy MCG, receive, and hold only EURO in the wallet. We will add more currencies within the next few months.
Yes, a full, detailed record of every transaction (your transaction history) is available to view and download as a .pdf or .csv document on your dashboard.
Yes. To ‘redeem’ or ‘withdraw’ your physical gold please contact our support centre at support
Please note that there are guidelines for redemption of your physical gold. Please read the terms and conditions carefully under the section ‘REDEMPTION OF PHYSICAL METAL’.
MCG has partnered with a large European Bank licenced and regulated by the European Central Bank (ECB) and works through strategic alliance partners that are regulated and licenced precious metals dealers.
MCG holds your funds in an omnibus bank account.
An Omnibus account is an account that holds more than one individual’s money (omni- meaning ‘many’ and -bus meaning ‘business’). The MCG omnibus account is overseen and managed by us. MCG uses the funds in the account to complete trades on your behalf. Please refer to our Terms & Conditions for more information
The key differences offered by MCG over and above its competitors, are the transparent and live, ‘real-time’ pricing of MCG backed by the physical gold held in the Royal Canadian Mint and the simplicity, and transparency of use. We believe this sets MCG on a firm footing to be highly competitive in this space.
You can email support and one of our support team will get back to you swiftly.
Log into your account. Go to transaction history and click on the icon ‘download my transaction history’ The .pdf or .csv file will be downloaded to your designated download folder
Yes, you can transfer MCG held in your account, to any other MCG user in 1-click at the speed of an instant message. All you need to do is select the ‘TRANSFER’ icon on your dashboard page and follow the instructions. You will be asked to enter the recipients email address and specify the monetary amount you wish to send. The platform will automatically calculate how many gold ounces, equivalent in USD amount, you wish to transfer. Once the transfer is executed ownership title for the equivalent amount of underlying gold in the vault, will be transferred from your account to the recipients account instantly. Both you and the recipient will receive a confirmation email confirming funds have been transferred.
No, you can only receive money transfers into your MCG account from a bank account registered in your personal name. You will find your unique IBAN bank account details and your unique ID reference number to be used when transferring money into your account. Funds will be displayed in your wallet as soon as they arrive in your segregated account
The price of gold has fluctuated widely over the past several years. Several factors may affect the price of gold, including:
- Global gold supply and demand, which is influenced by such factors as gold’s uses in Jewellery,
technology and industrial applications, purchases made by investors in the form of bars, coins, and other gold products, forward selling by gold producers, purchases made by gold producers to unwind gold hedge positions, central bank purchases and sales, and production and cost levels in major gold producing countries such as China, the United States and Australia;
- Global or regional political, economic, or financial events and situations, especially those unexpected in nature;
- Investors’ expectations with respect to the rate of inflation;
- Currency exchange rates;
- Interest rates;
- Investment and trading activities of hedge funds and commodity funds; and
- Other economic variables such as income growth, economic output, and monetary policies.
This is a long but necessary answer to explain the vast differences between buying “MCG” and buying a Gold ETF like “GLD”.
MCG represents 1:1 ownership in physical gold. MCG is a digital vault receipt for your physical gold held in the Royal Canadian Mint. You are the owner of the physical metal.
MCG digital gold is 100% backed by the physical metal AT ALL TIMES.
If the price of gold rises, the value of your MCG will rise in direct proportion to the price of gold. Likewise, if the price of gold drops, the value of your MCG will drop in direct proportion to the price of gold.
MCG is physically redeemable in metal which means that you can redeem your gold if you wish.
MCG is allocated in the clients name on the ledger at time of purchase. Refer to the FAQ “Is my gold allocated gold?” for more information.
About the ETF “GLD” – The SPDR Gold Trust issues SPDR Gold Shares, that trade on NYSE Arca, under the symbol “GLD”. These shares represent units of fractional undivided beneficial interest in and ownership of the Trust. World Gold Trust Services, LLC is the sponsor of the Trust.
“GLD” DOES NOT REPRESENT interest in the physical gold itself, ONLY the shares in the Trust.
“GLD” CANNOT be redeemed for physical metal.
SPDR Gold Trust states in their filing prospectus; “the amount of gold represented by the Shares will continue to be reduced during the life of the Trust due to the sales of gold necessary to pay the Trust’s expenses irrespective of whether the trading price of the Shares rises or falls in response to changes in the price of gold. The Trust does not generate any income and regularly sells gold to pay for its ongoing expenses. Therefore, the amount of gold represented by each Share has gradually declined over time.”
Therefore, over time, the amount of physical gold that is held by the Trust will decline, to the extent that at some point in time there could be NO GOLD backing the shares of the Trust.
The SPDR Gold Trust further states; “Gold held in the Trust’s unallocated gold account and any Authorized Participant’s unallocated gold account will not be segregated from the Custodian’s assets. If the Custodian becomes insolvent, its assets may not be adequate to satisfy a claim by the Trust or any Authorized Participant. In addition, in the event of the Custodian’s insolvency, there may be a delay and costs incurred in identifying the gold bars held in the Trust’s allocated gold account.”
The above information on “GLD” is compiled from the following prospectus source: GLD Gold ETF
MCG and its service providers are vulnerable to the effects of public health crises, including the ongoing coronavirus pandemic (the “COVID-19 pandemic”), however we do not anticipate that this will have a grave impact on our services as we rely a lot on automated technology which is secure in data centres around the globe. The physical production of raw material, gold, could be adversely affected by a prolonged shutdown due to social distancing and health restrictions and this could potentially impact the supply of gold into the mint. Should this occur past situations where gold supply has been restricted has normally resulted in a rise in the gold price as existing inventory becomes scarce and thus more valuable.
If you think the security of your MCG wallet has been compromised, please contact us immediately on our support email so we can temporarily freeze your account to prevent any further losses.
Your MCG wallet is very secure – Our system records every transaction that happens, with a date and time stamp and the identity of the user. Should your wallet be hacked it is impossible to withdraw your cash balance out of your wallet unless you transfer it to another bank account in your name.
Should your gold be hacked, it can only be transferred to another wallet holder within our system who has been KYC’d by us and whose identity we will already know. Should a hacker attempt to move your gold into a wallet that is not registered on our system, our system security will not allow it. Furthermore, the physical gold that represents your MCG gold balance remains safe and secure at all times in the Royal Canadian Mint, and therefore cannot be removed by the hacker’s