by Kenneth Schortgen, The Daily Economist:
There are many different gold ‘markets’ for savers and investors to participate in, but only a few provide both security or delivery in real physical gold.
In the West the LBMA, Comex, and equity based GLD ETF’s focus on paper ownership of gold, where investors who want to own the precious metal but don’t want to deal with storing it put their trust in brokers and associations that have a long history of fraud and manipulation. While over in the East, the Shanghai Gold Exchange functions as a true physical gold market. But unless one chooses to store their gold in an offshore vault, taking physical ownership is once again a difficult proposition.
This leaves savers with a couple of different options to either store or back their wealth in gold while still having the ability to access their money in real time.
One of these platforms comes in the form of a company called Gold Money which allows businesses, savers, and investors to transfer their sovereign currencies into an account that is completely backed by gold, and yet still have access to that money in the form of a debit card or wire transfer mechanisms.
The next one is company called Goldmint, which is a cryptocurrency based platform using the Blockchain. And on Sept. 20 this enterprise is officially starting its Initial Coin Offering (ICO) where one can purchase tokens that are backed by physical gold.
Today, on the 20th of September, GoldMint is launching its ICO. The GoldMint ICO will mark the birth of a new means of exchange for physical gold, with transactions leveraged over the blockchain based platform. This platform will utilize the private and individual gold trading market and potentially the management of larger physical stocks such as those in central banks. It will also provide an electronic payment solution backed by physical gold and a system for gold-backed peer-to-peer lending.
GoldMint is celebrating the beginning of its ICO by attending 3 major events on the same day the crowdsale kicks off. One of these events is BlockchainLive in London– Europe’s leading Blockchain conference bringing together over 75+ global experts in various fields.
Another one is Moscow’s ICO Event which this time mainly focuses on how legislation will impact the cryptocurrency space.
Today GoldMint is also present at the Global Blockchain Summit in Hong Kong gathering iconic speakers from various industries to discuss about the real-world applications of blockchain technology, as well as its potential benefits, risks, and regulatory concerns. – Coin Speaker
As the world begins to de-dollarize, and China gets ready to implement a new oil contract convertible to gold, it appears more and more that gold will see a return to the monetary system in some form of fashion. And when you add in the rise of the blockchain and cryptocurrenies to the mix, melding gold and cryptos is the most economical way to get the best of both worlds and be able to move onto the cutting edge of what is very likely to become the future financial system.
Read More @ DailyEconomist.com