Physical Gold Secured by Blockchain and Guarded by the Royal Canadian Mint

likedeeler (66) · 6 years ago

Will you buy bullion from a dealer and store it in your home or a safety deposit box at the bank?
Never at a bank. that seems kinda oxymoronic to me.
So at home, or bigger quantities I would keep in a goldfriendly, non US and EU compliant jurisdiction like Singapore with a dealer like https://www.bullionstar.com/

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indigoocean (67) · 6 years ago

What I like about this one is, it's kind of like keeping it in a dealer's vault, but this one is not non-US/EU compliant. Didn't know Singapore was. I thought it was a part of the same global financial regulatory agreements. Good to know. Are you thinking that the US/EU would try to take the gold or something like that?

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likedeeler (66) · 6 years ago

Sure, the US has done it before, the EU did steal money from accounts with more than 100000 € in Cyprus (bail in), after the war house owners in Germany had to pay an extra tax on their houses to help finance the currency reform, in times of crisis governments will take what they can get and where they can get it.

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mountainjewel (68) · 6 years ago

wow! that's wild! stored elsewhere and transacted on the blockchain!! to be honest, i would probably feel weird having it stored elsewhere on trust... imagine if shit really hits the fan, calling the Canadian Mint all like I need my gold now, please, if you could just FedEx it to me... LOL!

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indigoocean (67) · 6 years ago

LOL! I think their idea is more that if you want to take delivery you do it before SHTF. But if SHTF, you have them sell it and wire you the funds. But yeah, if no banks, how are they going to get you the funds!

For me this would totally be that "try to get 10% of my portfolio in precious metals" and not the emergency fund. The emergency fund would be a smaller amount I keep near me for... well... emergencies.

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atherz (51) · 6 years ago

It's all part of the counter-party risk of having it not in your possession, but still wanting to use it in global commerce. Perhaps we should decentralize it and have local vaults again, but still blockchain-secured.

Posted using Steeve

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indigoocean (67) · 6 years ago

Really interesting idea. Interesting to explore how it might work.

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nathen007 (68) · 6 years ago (edited)

You've gone metal mad lol ;-)
Here in Thailand, we have gold shops on every street corner. Holding gold has always been and still is a traditional way of saving for the future. Gold is given as part of the dowry at weddings still and as a traditional gift at birth.
The gold here can be bought or sold as bar or jewellry with only a very small spread. Many trade it regularly or use it as collateral when needed.
It is extremely high quality 96.5% pure minimum. Other less pure gold just cant be bought here.
I will try and take some pics for the stackers to drool over lol
You got to be able to hold it in your hand!!

indigoocean (67) · 6 years ago

Hahaha. I may be becoming a bit of a metals bug. I may lean more silver than gold really though.
So fortunate that you have such easy trade and usage of gold money where you are.

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mountainjewel (68) · 6 years ago

y'all so smart in Thailand! we're a bit behind!

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thebigsweed (64) · 6 years ago

I Like the idea of storing precious metals on the premises. That is what I do, and will continue to do. When the big meltdown comes the last thing I want on my mind is, shit I have to get my gold. You never know to what degree every aspect of what was once normal, has know collapsed.

The precious metals that I have squirreled away, were purchased for one thing only, a global emergency. If their value were to go up great, but have no intention to sell for gains. When I purchase physical metals, to me it meant that I would be able to touch, smell, see, hear, and if I so desire taste the dam stuff.
If this is your reason for purchasing metals my suggestion would as they say in crypto "hodl" literally!!

2 votes

indigoocean (67) · 6 years ago

I hear you. I do have an insurance policy to keep a small amount in my home for extreme emergencies, plus have more in a box at the bank for less emergency, but still physical use.

But when I saw this you know I instantly could see myself moving beyond the "emergency stash" view of it and into "10% of my portfolio" perspective. I think I may want to do both now that there is less complication to it (where I can still take physical delivery if I change my mind). It can even go into an IRA.

thebigsweed (64) · 6 years ago

Great way to look at it, that way you cover both ends. If at all possible though, I would accumulate a little more than $200.00 which would be at my immediate disposal. When the s--t does hit the fan, and I do think we will both see it in our lifetime, the first place to shut their doors, even if only temporarily, are going to the banks!!!

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2 votes

mountainjewel (68) · 6 years ago

exactly my thoughts! i want that stuff in my view! lol!

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newageinv (70) · 6 years ago

This is an interesting concept for sure! This is one of the alternatives I have been thinking about to increase my exposure to assets that are better controlled by myself and cannot be easily confiscated or the sorts. I will definitely check this out! Thanks!

indigoocean (67) · 6 years ago

You're welcome. I'm pretty excited about the prospect myself. I'm still being a little cautious, in case there's a question I'm forgetting to ask about it. But my immediate response when I saw this was to feel comfortable holding more of my portfolio in precious metals, which I think is a good thing.

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ocdb (56) · 6 years ago

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themanwithnoname (64) · 6 years ago

I guess we must have been picking up on the same waves the other day because @mountainjewel said they had seen two posts back to back on the same topic. I was curious who it was and that's you! Ha ha.

You can see my unfiltered opinion in my post, but I would be hesitant to invest in something like this. It's just my opinion of course. Like you, I'm not a financial adviser. I actually didn't know that financial advisers were advocating people put money into metals. All I've heard is "stocks, stocks, stocks."

I understand that having metals in the house is risky. There are other places you can keep it, sometimes close by. I would say to be careful if you have it in a safe deposit box, because whatever is in there could be restricted, or could easily become property of the bank when everything hits the fan. Also, some banks (like Chase) don't actually allow you to put gold/silver in your box there. Not sure what they do if they find out you have it.

My thinking is that if you can't reasonably get to your metals that are stored in a facility that's not a bank, then you likely won't get them at all. And if the fan gets messy, you likely won't want fiat money anyways, so even if this company can sell your gold and send it to you, the dollars you get will likely have less purchasing power when you get them than when you bought the gold. (Hyperinflation).

That's just my (rather wordy) opinion. If you got any value from it, great. If not, feel free to disregard, and no hard feelings at all. As investors, we need to do what we're comfortable with. And as Steemians, we should try to help each other without forcing our ideas on people.

Nice to meet you. I hope your portfolio-balancing goes well! :)

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steemitboard (66) · 6 years ago

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steem-ua (64) · 6 years ago

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bosssko (28) · 6 years ago

Looks classic and fab :-)

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