Tag - Digital Gold
Saturday, February 3 2018
By GCRU Gold News on Saturday, February 3 2018, 00:17
The blockchain has discovered gold (or gold has discovered the blockchain). Either way, this means several things. First, the decades-long dream of a gold-backed cybercurrency may finally be realized. Second, gold and probably silver are looking at a big new source of physical demand. Third, the huge number of gold-related initial coin offerings (ICOs) in this largely unregulated pipeline will require buyers to learn how to tell the legitimate offerings from the scams.
Thursday, February 1 2018
By GCRU Gold News on Thursday, February 1 2018, 22:52
The Royal Mint Bullion, the Royal Mint company that sells physical gold, is the first company to allow customers to hold gold-backed assets on Blockchain, Tom Coghill, RMG’s Commercial Lead, stated in an interview with Express.co.uk. Coghill also mentioned that one RMG coin is equal to one gram of gold, adding that “it’s real gold you’re holding when you’re holding our RMG.”
Tuesday, January 23 2018
By GCRU Gold News on Tuesday, January 23 2018, 23:17
Australia's biggest gold refiner, the Perth Mint, is developing its own cryptocurrency backed by physical precious metals.
The ambitious plan, which is subject to a confidentiality agreement, will make it easier for consumers to buy gold.
The mint also plans to make use of blockchain technology, first used as the core component of the digital currency Bitcoin, where it works as a public ledger for transactions.
By GCRU Gold News on Tuesday, January 23 2018, 02:37
Three versions of the Tiberius coin will be launched, each underpinned by a different investment strategy.
One will include nickel, cobalt and aluminum used to build electric vehicles. Another will be backed by copper, tin, zinc, metals used in high-tech sectors such as robotics.
A third will include precious metals gold, platinum and palladium, which are used as hedges against inflation and financial and economic uncertainty.
Monday, December 4 2017
By GCRU Gold News on Monday, December 4 2017, 23:20
The World Gold Council has filed for a new physical gold ETF. The Gold Trust will be very similar to the $35 billion SPDR Gold Trust (GLD), the world’s largest gold fund, but with key differences.
Tuesday, November 21 2017
By GCRU Gold News on Tuesday, November 21 2017, 07:44
The world’s oldest currency is being brought into the digital age with the launch of a debit card and app that will allow people to pay for goods in gold.
Fintech group Glint has teamed up with Lloyds Banking Group in the UK and MasterCard to create an app that enables people to load credit in various currencies, which can then be used to buy a portion of a physical gold bar. Customers use the app at the checkout to select whether to pay in a currency or gold, before transacting with their MasterCard.
Sunday, October 29 2017
By GCRU Gold News on Sunday, October 29 2017, 01:16
There are already several cryptocurrencies, otherwise known as altcoins, backed by gold that have been launched. Several of the leading online bullion exchanges have implemented or are also implementing blockchain to create more efficient mechanisms for managing transactions. Each month it seems like there are more and more players joining the fray.
This analysis provides an objective review of the strengths, weaknesses, opportunities, and threats as well as a look at 23 gold-backed crypto and digital currencies. A review of some of the exchanges is also thrown in for good measure.
Thursday, June 1 2017
By GCRU Gold News on Thursday, June 1 2017, 11:16
The company behind Paytm, One97 Communications on April 17 launched its first wealth management product aimed at middle/ lower middle-class Indians. The product named 'Digital Gold' allows users to buy, store and sell gold on its platform.
"The fundamental idea behind digital gold was to bring wealth management to the common man such as a chaiwallah or auto rickshaw driver who loves gold," Vijay Sharma said in an interview with BloombergQuint.
Wednesday, April 26 2017
By GCRU Gold News on Wednesday, April 26 2017, 02:31
Dovetailing off of its 2016 blockchain-backed project announcement aimed at providing physical gold that's cost-effective, convenient and assured, the UK's Royal Mint and the Chicago-based CME Group has now begun live testing Royal Mint Gold (RMG).
The CME system for RMG, powered by AlphaPoint, is currently undergoing rigorous testing with institutional traders. Its goal is to create a trading platform that satisfies customer demands for a more rapid, cost-effective and secure means of purchasing, storing and selling gold.
In addition, Blockchain security company BitGo has been collaborating with CME Group in developing the architecture, rules and parameters of the blockchain. The multi-signature wallet technology BitGo currently uses for its current client base will be the foundational security protocol for RMG. This is generally regarded as the safest way to deal with digital assets like gold. Developers, business and research are able to now access the code for evaluation and testing purposes.
Thursday, December 22 2016
By GCRU Gold News on Thursday, December 22 2016, 22:45
So when we invest in gold, it flummoxes me why many people choose to do so with the help of the very system that has created the need to hold safe haven assets e.g. gold and silver. Why place your gold in the custody of a heavily indebted national government?
We like the Royal Mint and their bullion coins, including Gold Sovereigns and Gold Britannias, are some of our best selling gold coins. However, for those looking to own gold for diversification, safe haven and financial insurance purposes it is prudent to opt for owning such bullion coins and bars in allocated and segregated storage in large, stable, creditor nations.
It is unlikely that a blockchain solution will give those Royal Mint users greater automony over their gold. The gold will still be stored in Royal Mint vaults, in the UK and, therefore, the custodian will remain the British Government which is under considerable stress and faces many challenges including Brexit and a massive national debt.
Wednesday, December 21 2016
By GCRU Gold News on Wednesday, December 21 2016, 23:05
The Royal Canadian Mint has joined a blockchain platform run by Goldmoney Inc, the first time in the world that mint-vaulted bullion has been traded on such a private digital ledger, the Canadian fintech company said on Wednesday.
The deal "lays the groundwork for further integrations by other countries and other mints," Roy Sebag, Goldmoney's chief executive officer, said in a phone interview.
Blockchain first emerged as the system underpinning digital currency bitcoin. The technology creates a shared electronic ledger that allows all parties to track information through a secure network, with no need for third-party verification.
Tuesday, November 29 2016
By GCRU Gold News on Tuesday, November 29 2016, 23:10
Britain's Royal Mint and leading U.S.-based derivatives exchange CME Group have teamed up to create a blockchain-based digital platform for dealing in gold in a drive to cut the costs involved in trading the precious metal.
The Royal Mint will put gold bars into its on-site secure vault, which will then be digitised to create RMGs whose ownership will be recorded on the blockchain. Traders will then be able to trade in and out of RMGs between themselves.
The platform will operate 24 hours a day, 365 days a year. Unlike the traditional model for investing in gold, with management fees and storage charges, RMGs will offer ownership of the underlying gold with the option for conversion to physical gold by the Royal Mint at zero storage cost.
Thursday, December 31 2015
By GCRU Gold News on Thursday, December 31 2015, 03:28
A new digital currency backed by gold is billing itself as a more compliant, liquid and ultimately reliable store of value than decentralized systems such as bitcoin.
Friday, May 22 2015
By GCRU Gold News on Friday, May 22 2015, 22:27
BitGold Inc. (TSX-V: XAU) (“BitGold”), a platform for savings and payments in gold, announces that it has entered into an Acquisition Agreement to purchase the operating and intellectual property assets of GoldMoney Network Limited (“GoldMoney”), subject to regulatory approvals and other customary closing conditions. With over CAD 1.5 billion in assets under vault management GoldMoney is among the world’s largest private managers of precious metal assets, renowned for its innovation and integrity in the gold market.
Monday, January 5 2015
By GCRU Gold News on Monday, January 5 2015, 22:49
A gold exchange company that borrows some technology from Bitcoin has raised $3.5 million for a series A financing from a group of investors that include PortVesta Holdings, Soros Brothers Investments, PowerOne Capital and Sandstorm Gold.
Thursday, November 27 2014
By GCRU Gold News on Thursday, November 27 2014, 23:34
Gold spiked higher in many price feeds overnight and was $270 higher or more than 22% higher to $1,467.50/oz at one stage in what appears to have been some form of computer glitch.
There was speculation that the price spike which came while the COMEX was closed for 30 minutes was due to a series of charting errors or misprints, a bad price feed or a computer glitch. Another example of how technology is a great enabler but can also be a great disabler.
Wednesday, August 13 2014
By GCRU Gold News on Wednesday, August 13 2014, 22:19
CME Group will provide the electronic auction platform on which the price will be calculated and Thomson Reuters will be responsible for administration and governance. The LBMA will accredit price participants and own the intellectual property rights.
Sunday, July 27 2014
By GCRU Gold News on Sunday, July 27 2014, 23:59
In a fresh possible headache for regulators, including in India, 'gold for bitcoin' trades are emerging as a new fad in the world of anonymous transactions, fuelling further the appetite for virtual currencies.
This comes at a time when the count of virtual currencies available in the market is fast moving closer to the 500-mark, although the price of top-ranked bitcoin has begun showing signs of stability at around USD 500-600 level after remaining highly volatile for most part of its half a decade existence.
According to bitcoin traders, the stabilisation in bitcoin rates is making the case stronger for exchanging them for gold that currently trades at less than USD 1,300 per ounce or about Rs 28,000 per 10 grams in India.
Friday, July 18 2014
By GCRU Gold News on Friday, July 18 2014, 00:35
U.S. precious metals dealer Anthem Vault Inc said on Wednesday it has launched the first digital currency backed by physical gold, with an aim to increase the use of bullion as an accepted form of electronic money.
Las Vegas-based Anthem said it will launch 10 million "INNCoins" backed by 100 grams (3.5 ounces) of gold, with all coins expected to be in circulation by July 2015.