Selling physical bars and coins (back) to Goldmoney

zenozeno Posts: 2 Tin ✭
edited May 26 in Wishlist for Goldmoney
A rebuy feature, similar to the one that exists already for Mene, would perfectly complement the business model of Goldmoney. It would significantly improve Goldmoney's utility for holders of physical coins and bars, if they could go digital anytime by sending their metal to Goldmoney via SchiffGold and having the value converted to metal stored under their Goldmoney account. Goldmoney would function just like a bank in the fiat system, providing save and verified deposit and withdrawal of metal from its accounts. Having full interchangeability between different forms of physical holding would lift the utility of precious metals as currency on a par with bitcoin and fiat money, while preserving the metals advantages as an offline medium of exchange and permanent store of value.
Tagged:

Comments

  • nienie Posts: 116 Bronze ✭✭✭
    This is a great idea to close the cycle.
  • GoldNRollGoldNRoll Posts: 199 Bronze ✭✭✭
    Perfect opportunity to repost my gold banking scheme :wink:


  • CMBCMB Posts: 3 Tin ✭
    @zeno : Fantastic idea :smile: so a lot of people can use their gold via Goldmoney for payments, savings ect. again
  • RegulatorRegulator Posts: 13 Tin ✭
    I love the idea of a redeeming feature. I think that is already goal of goldmoney with their office space expansions, which is lagging with its new york office. I think I understand why though, I assume Roy wants organic growth vs momentum. I don't disagree with that, especially given the market is currently bearish against momentum companies at the moment.

    Looking at that chart up there, I am kind of surprised Newmont doesn't just cut out all of the middlemen. Mine it, mint it, retail it. It would be like Exxon of gold. Extract it, refine it, sell it at retail. I don't know, maybe it is just me, but with the new mega gold company. This is starting to make sense. They could just buy tradewinds/goldmoney/bullionvault and start a couple small mints.
  • GoldNRollGoldNRoll Posts: 199 Bronze ✭✭✭
    @Regulator Good point.
    Maybe the reason why mining companies only do mining, is that gold mining is part of the mining industry that is totally different than metallurgy which includes refining, security which includes transportation and vaulting, and finance/banking which includes gold management as a monetary asset.
    Gold is just a small part in a geological deposit, especially for the open pits where most of the depost may be copper. All in sustaining costs may be 800 usd /oz gold equivalent and large part of the profit must be reinvested in geological prospection. A mining company expanding to bullion banking may be like Nike starting to manufacture smartphones :smile:
  • RegulatorRegulator Posts: 13 Tin ✭
    That could literally be said of Exxon. There are oil companies that only drill and explore and others that only refine. I think the inconsistency of buyers is what stops it from being viable, but times are changing.
Sign In or Register to comment.