Do I earn money in prepaid card if gold goes up, as in a vault?

Question..when I load funds into my prepaid bitgold mastercard, do the funds in there go up and down, with the price of gold, as when in my vaults? Or, does it just sit.
Thanks

Answers

  • golden_grgolden_gr Posts: 664 Bronze ✭✭✭
    edited March 2016
    Simply answer is: Yes! :)

    You can make a profit when you redeem gold to your prepaid bitgold mastercard.
    For example you have 10grams of gold in your account and the price today is $40 per gram (total 10gr x $40 = $400 right)
    After two days the gold price goes to $45 then you will have $450 . If you redeem 1gram for example into your card you will have a $5 profit .
  • AUstackerAUstacker Posts: 21 Tin ✭
    That's not what I really meant...but, I think I figured it out...the money in the CARD does NOT increase or decrease with spot price of gold..merely a vehicle to store profits..correct?
  • golden_grgolden_gr Posts: 664 Bronze ✭✭✭
    golden_gr said:

    Simply answer is: Yes! :)

    You can make a profit when you redeem gold to your prepaid bitgold mastercard.
    For example you have 10grams of gold in your account and the price today is $40 per gram (total 10gr x $40 = $400 right)
    After two days the gold price goes to $45 then you will have $450 . If you redeem 1gram for example into your card you will have a $5 profit .

    i forgot the 1% redemption fee
  • golden_grgolden_gr Posts: 664 Bronze ✭✭✭
    AUstacker said:

    That's not what I really meant...but, I think I figured it out...the money in the CARD does NOT increase or decrease with spot price of gold..merely a vehicle to store profits..correct?

    right
  • UvasUvas Posts: 680 Silver ✭✭✭✭
    edited March 2016
    @AUstacker

    You actually sell some of your gold to load your card. So you have dollars on your card, not gold.

    Therefore, the amount on your card won't change with gold prices anymore.

    Hope this helps.
  • ADONISADONIS Posts: 1 Tin ✭
    The amount "loaded" on the card is now currency and it is Fixed. $100 on the card will always be $100
    The gold on the platform is also Fixed in terms of weight. 10 grams is always 10 grams, but will go up or down in terms of $$$, be it Euros, USD, Pounds, etc. based on SPOT.
  • rohanibuang61rohanibuang61 Posts: 2,379 Gold ✭✭✭✭✭
    @AUstacker if your country currency is USD, then you don't have problem with currency fluctuation and only lose if gold goes up as you have converted gold into your requested currency.
    But if your country currency is not USD, then currency you will face with existent of currency fluctuation on foreign exchange too. B)
  • NaseghNasegh Posts: 5 Tin ✭
    Hi
    If I sell some of my gold to load up my card, how long this transaction takes?

    Thanks
  • GoldIsCurrencyGoldIsCurrency Posts: 1,818 Gold ✭✭✭✭✭
    @Nasegh It seems to load fast. I loaded some gold onto my prepaid card yesterday and it took less than 5 minutes to go into confirmed status.
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