p2p gold / silver backed lending. Silverbullion in Singapore are now a major threat to goldmoney
They go by the name silverbullion. You can find them here: https://www.silverbullion.com.sg/ .
- They offer a free market interest rate between lenders and borrowers.
- Borrowers must have 200% in collateral vault reserves to lend against. Therefore, a margin call can ensure that the lender gets their money back.
- Interest rates are running around 3-4% depending on the period of time.
- There is 1 month 6, 12, 24 month time periods.
I personally believe that this kind of financial tech is absolutely essential for gold / silver to retake its place a real money. Otherwise it will always be perceived as shiny metal that sits in a vault gathering dust! This brings gold / silver to life, connecting lenders and borrowers and allowing interest to be made without a bank as the middle man!
I would love to see goldmoney adopt implement the same system / do a merger / or otherwise allow my to transfer my gold in a direct vault - vault transfer (on an international gold network) to this company so that I can lend some of it out.
This is my #1 on the wishlist for goldmoney!
- My #1 concern is that for goldmoney to adopt this change, they would likely need to make a decision between sharia compliance or p2p lending. I for one will not stick around for long while they pander to sharia compliance (not allowed to charge interest - total failure to understand time preference value of money)
I'd be interested to hear other people's thoughts