when removing Materia from gear. ...

I know you can speak to that goblin to remove materia. My questions are, when you remove materia do you or is there a chance you will lose gear or materia when doing so? If gear has 2 Materia can u only choose one? And if you do lose gear, you lose attached materia? Just need more info as it will help determine if I wanna remove it from lower gear yo add to higher gear till I acquire better materia.

All materia is removed. No chance for gear loss. No choice in which materia is removed (because it all is).

The materia will be removed and lost. You materia will not be returned to your inventory, and there is no "are you sure?" screen. Have to admit, I was a little surprised the first time I did it. I'm just glad it was only one tier II materia.