Sustainability of the Goldmoney business model
Is the Goldmoney business model not a transnational one, i.e., dependent on people buying/selling/making redemption in order to turn a profit? It seems so since they're not taking anything on top for storage, inspection, management, etc. But then is this really sustainable? I don't see how gold can ever be an alternative form of money and used for transactions in a world where every sales/redemption for a transaction results in a taxable event in most first world, developed countries.
I'd love to use gold to buy/sell goods, but then every time I redeem gold with a card I also redeem an headache earned from my country's tax agency.
It seems like the only way this works long-term is simply as a service to store gold, i.e., purely a service to use gold to store value and charge for that, rather than base the whole model on transactions.
Other's thoughts on this?