Mike Maloney Now Offers Allocated Storage

Marco_1983Marco_1983 Posts: 152 Bronze ✭✭✭
https://goldsilver.com/storage/

GoldSilver was the first company I've bought metals from and I'm kinda happy to know they are finally offering allocated storage now, besides segregated (which was way too expensive!). Welcome, but a little to late IMO. They should have done this several years ago.

Goldmoney fees seem much better anyway. Also Goldmoney offers monthly storage credits.

Comments

  • TexTex Posts: 197 Bronze ✭✭✭
    That is very interesting. At first look, it seems to be a good service. Mike has a very trusted name and a great educational presence on the web. His service is similar but not the same as GM however, competition is always good for innovation and better service.

    I'm glad to see Mike's company grow, he has provided the world with a great gift by sharing wisdom through his videos. The bottom line is the more people who learn from the wisdom of the past and use that wisdom to build a better financial foundation with gold, the more stable people will be when a fiat crises happen.
  • BancersBancers Posts: 23 Tin ✭
    Goldmoney beat Mike's company to the punch.!
  • Marco_1983Marco_1983 Posts: 152 Bronze ✭✭✭
    @Tex Yes, I agree. Mike has done an excellent job in the last ten years sharing tons of free info through his videos, specially the Hidden Secrets of Money series.. Also, his book was the first one I've read on the subject and inspired me to become what I am today, a physical Gold and Silver investor.

    I still think that, besides allocated storage, there should be a feature that makes people spend/send gold and silver to each other. That is why I think Goldmoney is still ahead of the game. There is almost no point in having metals in a vault if eventually the only thing you can do is selling them for fiat. We live in a digital world and we need "digitalized" metals to use for transactions. Goldsilver would be a strong competitor if they come up with a platform like that. Until then, I see Goldmoney taking the lead.
  • mr1mr1 Posts: 375 Silver ✭✭✭✭

    There is almost no point in having metals in a vault if eventually the only thing you can do is selling them for fiat.

    @Marco_1983
    I agree with your points about the need for "digitalized" metals for transactions, but I disagree with the sentence above. Even in a world of fiat, there can be great benefit to having metals in a vault. I'm sure there are people in Zimbabwe that wish they had put more savings into precious metals than holding currency.

  • Marco_1983Marco_1983 Posts: 152 Bronze ✭✭✭
    @mr1 You said: "I'm sure there are people in Zimbabwe that wish they had put more savings into precious metals than holding currency."

    This is exactly why fiat is not necessary. You do not want to hold fiat not even for 1 day in a place/situation like Zimbabwe. That is why gold digitalization is key. Would you want to sell your gold for fiat in a hyper inflationary period? Imagine you want to buy land with your gold. What do you do? sell it for fiat and hope the value of that fiat does not decrease before you send it to the seller? or would you rather send the seller gold directly, getting fair value and not having to panic if fiat decreases.

    I'm sure people from Zimbabwe would have liked a platform where they could not only store gold but also transact with it. No point transacting with a 1trillion dollar bill if it does not keep up with daily inflation.
  • mr1mr1 Posts: 375 Silver ✭✭✭✭
    @Marco_1983
    Yes of course it would be better to use gold as money. That is what I want to work towards, but that is not what we have right now. My point was that even if people still have to use fiat for everyday purchases, it can still be beneficial to hold savings in Gold. Someone in Zimbabwe during the hyperinflation would definitely be better off if they had their savings in gold, and then only converted it to fiat when they needed to make a purchase, than if they just held fiat. They would be even more better off, if they had their savings in gold and could use that for payment without ever having to deal with fiat.
  • Marco_1983Marco_1983 Posts: 152 Bronze ✭✭✭
    @mr1 Yes, that is what I was trying to say :smile:

    Obviously, having savings in gold is excellent. Using that gold also for payments is even better.
  • TexTex Posts: 197 Bronze ✭✭✭
    @Marco_1983 I agree. Goldmoney's strength and uniqueness is in the digital space with the online payment and "banking" of gold.
  • Marco_1983Marco_1983 Posts: 152 Bronze ✭✭✭
    @Tex Exactly. That is what is going to make the difference in future exit strategies. When PMs will be "overvalued", I will not even want to touch fiat currency. I would want to buy the next undervalued assets directly with my PMs.
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