Tuesday, February 07, 2017

Quote of the day 7th February 2017


Jim said...

Hmmm, so gold is desirable, its shiny and its nice to have, so why go on with the pretence?

Have a look into Goldmoney.com

Chris Whiteside said...

Those who want to put their wealth into gold-backed investments should be entitled to do so.

And it is understandable that many governments choose to hold some of their asset reserves in the form of gold.

You just have to hope your country can avoid electing some fool who sells a lot of it off at the bottom of the market.

Anonymous said...

If you knew it was the "bottom of the market" why are you still working as a manager at BT?

Chris Whiteside said...

Speculating in gold futures might well be a more lucrative way to earn a living than my present one but it is not something I have ever considered trying to do, thank you very much.

Jim said...

it wasn't hard to see it was bottom of the market, Sating exactly how much gold you are going to flood onto the market, and exactly when you are going to do that, will tend to force the price in £ down to rock bottom. Or in this case "the brown bottom"

Its our old friend "the law of supply and demand"

Jim said...

Though the goldmoney idea here is not so much about investment in gold, per se.

Its more about using technology as a good storage of savings, see your account balance is held in gold, as much or as little as you want of it. but your gold is liquid, in that there is a prepay card attatched to the account, so you can spend your gold as a credit/debit card in what ever currency you like, you can use an ATM anywhere in the world, for free. (well any that use mastercard or Cirrus) which is pretty much all of them. Or at anytime you can demand your physical gold and they will mail it to (you do have to pay for postage for this)

They make money from personal account holders by selling gold 1/2% above spot. for the bigger user business accounts then there is also a storage fee.

The downside of holding accounts in gold is that it pays no interest, also it never gives dividends, so some people would prefer to take some risk with stocks in order to make profit.

But as a storage of your money, in these days of negative real terms interest rates, its a very clever idea.

Jim said...

Other modern day geeky things also apply, so to another account holder you can just trasfer gold from your account to theirs using a mobile phone app, or the gold money website. thus you never have to convert to any currency. nor are there any fees for doing this.

so if you are that way inclined you can "text" 1oz of gold to someone in australia, once it clears (same time frame as banks) they can then withdraw that as Aussie $, spend aussie $ in debit card form, send the gold on to someone else or make a phone call and have a 1oz gold coin in their grubby little mits next day.

I think its a fantastic development.

Chris Whiteside said...

I can see why a lot of people would like the idea, and good luck to them.