In early 2016, I began researching investment in precious metals. I had a few reasons for doing so including using gold and silver as hedges against inflation, the possibility of a skyrocket in price if/when the financial collapse occurs, and for having something tangible to barter with in SHTF scenarios. I invested in a small amount of physical silver that I keep with me for the latter scenario, but was concerned about carrying and keeping large quantities of gold and silver on my person over extended periods of time. This lead to further research and my initial discovery of BitGold.
According to its Wikipedia entry BitGold’s "services allow people to purchase gold and make financial transactions using the acquired gold between individuals and businesses." Essentially, a BitGold account is a checking account that is backed by gold (although is convertible into any other currency) instead of a base currency. This was attractive to me for a few reasons:
1.As a disciple of Bitcoin, I liked the idea of getting into something that would be useful both for everyday transactions as well as for long-term investment.
2.Like Bitcoin, transfers are instantaneous and are actually free with BitGold. Granted, transfers have to be made to others with BitGold users, so it is actually more akin to Paypal (except cheaper and faster).
3.With BitGold you actually own physical gold that is managed and stored via Brinks in a worldwide vault of your choosing. You don’t simply own a piece of paper, like you would with GLD or something similar.
4.Purchasing and selling fees are incredible. As of this month, only .5% over spot price is applied on buying and selling transactions.
5.The organization is publicly traded, adding some degree of accountability to its operations (a bit naïve, I know, but better than less transparent organizations).
A few months back, BitGold made the full transition to labeling itself (for more casual use) by the name of its subsidiary GoldMoney (BitGold now redirects to GoldMoney) and all accounts have converted over. GoldMoney has developed partnerships with heavy hitters in the industry, most notably with the acquisition of Peter Schiff’s Schiff Gold Inc (part of his EuroPacific organization) to bolster retail gold and silver offerings and services.
GoldMoney offers debit cards for account holders (I do not have one at this point since investing is my major focus). One can easily set up recurring transfers and can even use a credit card which I like because I would rather not have too many connections to my main personal bank account and it allows me to hit credit card spending requirements when needed. GoldMoney also offers a pretty decent signup bonus, up to 2x the initial investment upon account opening and funding.
Not everyone will agree with GoldMoney’s model and I am still somewhat skeptical that I don’t have the metals in hand. Additionally, Soros is among the organization’s backers. However, with pending currency collapse likely in the near-to-distant future, GoldMoney is an easy way to get started with investing in gold and to dollar-cost-average in (which I do) if one desire’s to and to convert ideal dollars into a more stable form of money.
Schiff (obviously some bias here) talks about GoldMoney for about 8 minutes on his latest podcast. Starts at 29 min mark:
Cernovich linked to David Seaman’s Pizzagate video last night. The last two minutes are devoted to his experiences with GoldMoney (a bit less biased). Starts at the 6:15 mark.
Below are some applicable links:
GoldMoney.com
The Wikipedia entry
GoldMoney YouTube page
Semi-official review
User reviews
Acquisition and more company info
I have absolutely not relationship with GoldMoney and none of these are affiliate links. I simply want to help other RVFers learn about it and to grow the GoldMoney network (more people to transact with, less general reliance on fiat currency). Let me know if you have any questions.
"In America we don't worship government, we worship God." - President Donald J. Trump