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Democratizing Gold?
Submitted by Adam Taggart via Peak Prosperity,
What if you could carry and exchange gold in the exact same manner as you do with the dollar bills in your wallet?
I've recently been introduced to a technology that's making this possible.
In today's podcast, I speak with Adam Trexler, President of Valaurum, about this technology and the gold-infused notes it creates. Valaurum's mission is to democratize ownership of gold by converting it into a form affordable to anyone.
Democratizing Gold
In short, a fractional gram's worth of gold is affixed to layers of polyester, creating a note – called an "Aurum" – similar in dimension and thickness to a U.S. dollar bill. This gold (usually 1/10th or 1/20th of a gram) is commercially recoverable. So an Aurum offers similar potential as a coin or bar, in terms of providing a vehicle for storing and exchanging known, dependable increments of precious metals – just in much smaller (and more affordable) amounts than commercially available to date.
The big idea here? In a world where a 1oz coin of gold costs over $1,200, an Aurum will let you hold a few dollars' worth of gold in a single note. If you've got pocket change, you can be a precious metals owner.
And you don't have to change your behavior. You can store and transport an Aurum in your billfold along with your dollars.
Understanding the Aurum
As the saying goes, a picture's worth a thousand words. Here's a picture of an Aurum designed for Peak Prosperity that the Valaurum team produced for us:
You'll see that with even just 1/20th of a gram of gold involved, it's enough to make the Aurum appear to be "made of" gold. The characteristic luster, color, and shine of the 24-karat gold used is immediately apparent.
The Aurum is designed to be handled in the same manner as we do with our "paper" money. And, despite having a more 'plastic' feel to it (resulting from the polyester backing), it's as flexible, lightweight, and familiar-feeling as paper currency.
The big difference, of course, is that instead of being a claim on something else, it simply is what it is: a fractional gram of gold. It can be stored, traded, or melted down – just like a coin or bar.
Here's a brief video that gives an overview of the production process:
Implications
Being able to hold gold in this form is significant for several reasons.
First, it makes gold ownership available to all budgets. Many of the world's households have been priced out of gold to date. This changes that completely.
Second, it enables the potential for everyday transactions should we ever return to a precious metal-backed monetary standard. It answers the challenge: How will you pay for your groceries with gold? With an Aurum, it's now easy.
Whether Valaurum's product emerges as the winning horse or not, the world definitely needs this type of solution (i.e., convenient fractional physical metal) to go mainstream.
I'm very excited by this new innovation in the bullion industry, and I explore the matter in depth in this podcast. If you're similarly intrigued, it's worth the listen.
And for those of you interested in owning an Aurum of your own, you can learn how to purchase the Peak Prosperity Aurum pictured above by clicking here.
Click the play button below to listen to my interview with Adam Trexler (36m:59s):
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It is not so much a flaw as it is unbridled arrogance.
Not so much unbridled arrogance as intentional obtuseness.
-Chumblez.
bingo
I have not seen an answer for the power grid down issue, that is for sure.
Precisely because there is not one. Once the computer grid within which your wealth is stored loses electrical energy, there goes your wealth. Sure, the blockchain will still be there, but still, the electricity won't, and that's the problem. And then there's the internet, which has a host of potential issues all its own to take down bitcoin, let alone it, too, is susceptible to the power conundrum.
I am Chumbawamba.
All of you, believe me, if bitcoin were any sort of threat whatsoever, to banks or the PTB, it would already be illegal, someone somewhere would be in prison for promoting it, and the media would be demonizing 24/7.
The fact that none of this is occuring tells you all you need to know.
the only answer I got is that we're cavemen wanna-bes and the grid can't ever go down.
Actually Bill Binney made it for the NSA & called it ThinThread.
Indeed ... it is a real shame he finds it necessary to lower his standards to that of his zealous detractors - now no-one is listening to either of them.
"lower his standards..." lol. What are you, some kind of fucking nerd?
I am Chumbawamba.
perhaps that's precisely the point
Sure. Until someone invents quantum computers. Which someone has. Oops.
And then there's those backdoors in the NSA-designed SHA-256 hashing algorithm that bitcoin uses:
https://bitcointalk.org/index.php?topic=291217.0
Tsk tsk.
I am Chumbawamba.
Bitcoin is impervious to all quantum computer attacks. Your arguments are nonsense.
You are not Chumbawamba.
I love you and want to do vile things to your naked body. Please cum join me in the chatroom so we can get to know each other better.
-Chumblez.
http://www.youtube.com/watch?v=cBQiLh9N6kg
Ah, thank you, sir, you compliment me. While that one definitely captures the spirit and mood of my invitation to my future girlfriend, fonestar, I like this better:
http://www.youtube.com/watch?v=w-eJSHoH9Fs
I am Chumbawamba.
yes that one is tremendous too
I don't think I want to see that edition of tub-thumping.
If I ever did I'll take a health dose of Amnesia.
"Bitcoin is impervious to all quantum computer attacks."
That statement alone proves you have absolutely no idea what you are talking about. Whether it's about computing technology or your TwoBitChitCoin.
http://www.washingtonpost.com/world/national-security/nsa-seeks-to-build-quantum-computer-that-could-crack-most-types-of-encryption/2014/01/02/8fff297e-7195-11e3-8def-a33011492df2_story.html
Well, assuming he was being serious, you're absolutely right. But I didn't take that comment seriously because I don't think anyone who knows anything is actually stupid enough to believe that.
I am Chumbawamba.
Thanks Chumba. You're right. I don't think it likely that anyone here would believe it for a second. On the other hand, I think simply posting something that stupid here deserves a bitch slap to the face with the facts.
It certainly does, and thank you for administering it. My hand was starting to get sore from all the bitch-slappery I was delivering from my end.
-Chumblez.
Strange thing is, for the moment he may actually be right about Bitcoin being impervious to quantum computing.
Firstly, the currently level of quantum tech is not viable for anything ... but more importantly, quantum methods are only suitable for attacking certain classes of problem. And the specifically does not include reversing the hashing of SHA256
Good overview of the issue is found here.
http://bitcoin.stackexchange.com/questions/6062/what-effects-would-a-scalable-quantum-computer-have-on-bitcoin
quantum attacks might be a red herring, but Selfish-Miners are most definitely not:
http://phys.org/news/2013-11-cornell-bitcoin-lesson-selfish.html
especially when to secure the blockchain costs about ~$60K/day in electricity, not to mention the ~$24M cost to date in the purchases of mining hardware.
That depends on how reducible the parts of the hashing algorithm are, and on how many MORE algorithms are discovered that work only for quantum entanglement.
Your assumption remains unproven.
The bottom line is once you have the qubit register size you can in fact search ALL answers simultaneously as in brute force.
256-bit hash, is, however much larger than the stable 10 qubits or maximum 14 if I recall. Nobody but nobody has a 14-bit key.
not really.
PGP & GPG are. Key sizes can keep changing and far exceed bitcoin password / key lengths.
The 64 qubit register is a far off thing but when it happens all of bitcoin is destroyed whereas GPG & PGP keep on increasing key size beyond it & remain unhackable.
No kidding, do the math. Way overpriced.
"If I needed fractions of gold I'd just use silver coins. Duhh."
Good call. I'd like to know what the process adds to cost. How much over spot are these good looking gold bills? I would like to buy fractional-ounce gold coins, but the premium pisses me off (even though the silver premium is as high or higher for 1-ounce coins).
I'm ignorant. Why is the silver premium so high? My guess would be supply vs. demand. But, if that's the case, I would think gold would have a similarly high premium. Is there that much difference in supply/demand for the two metals? Please enlighten me.
Edit: 31 g/toz x $100/g = $3100/toz. Holy jesus.
I would buy 10 for $80 if they had the ZH logo.
Yup. I was thinking "Liberty Dollars Mark II" while reading this. This will be strangled as soon as they get even remotely popular.
Wow, I had to get to page 3, before the discussion really focused on the heart of the Aurum issue. That says something.
I sure hope they have some really, REALLY clever lawyers in their circle, who help frame the legal debate by will define, frame and not relinquish the Argument for the winning Issue.
IMHO, I think the real issue is: Do a Free People have the Unconstitutional Right to use ANY "Medium of Exchange" for their goods and services/labor? Especially when it involves settling PRIVATE transactions and debt.
It could be argued, that w/o this Freedom, i.e. the freedom to use ANY mutually-agreed Medium Of Exchange (MOE), a People have NO true freedom, as no freedom is possible when the very basis of the economy is born in Debt, controlled by a small, private cartel. W/o this "Fundamental Monetary Freedom", the rest is all a fraud and a sham.
"Give me the power to control the issue of money of a nation, and I care not who makes its laws" - A.M. Rothschild
p.s. Just so we're clear, and don't confuse "Pretext" with "Motive": TPTB aren't so much concerned about "small fry" dabbling with their Private Currency. What they really worry about and don't tolerate, is a real or potential threat that jeopardizes the Dollar's GRC (Global Reserve Currency) status.
Keep tormenting yourself with fear of bogeymen and you will miss the boat. And you will never learn what actually happens on all those boat trips. Your ruin.
how did this become another fonestar thread? I think the aurum is worth discussing, but all I'm seeing is irrelevant witticisims.
I just bought 5 of these. At 10 bucks each it would only recoup its value when gold tops 3k. but I bought them for their novelty and to own one of the first runs.
BIG QUESTION: wouldn't counterfeiting be a problem?
I love it! Somehow, I assume the fed will kill it though.
I like coins myelf, but this process is badass and amazing, excepting the need to burn plastic for recovery, the possible counterfeiting, and unwillingness of adoption among digitally trained younger generations. It's one of those things where it's too good to be true and we can't have nice things because.
Coins and bars win.
"If it can be compromised by central banking, it will be compromised by central banking."
- Murphy's Law on Banking
"Digitally brainwashed"
I'm in favor of any legit currency that IS gold. Also in favor of any currency that will shut fonestar's piehole.
I am very curious to see how China and India pick up on this. Those two billion folks would love to transact in gold directly.
You know it, you can feel it.
It's certainly got promise for widespread adoption, but its success is contingent upon people thinking of gold in terms of weight rather than dollars, and ergo the value of things in terms of weight of gold.
I am Chumbawamba.
Whereas Bitcoin has already made significant inroads in China and India.
So has smog and AIDS.
I am Chumbawamba.
Last year the Hong Kong Post Office issued special lunar New Year stamps similar to the Aurum embedded with gold and silver. Do not think many purchasers wanted to afix them to a letter.
Wrong. Bits win.
Fuck you and your blockchain. Give me your wallet address and I'll tell you the last three Thai tranny whores you were with. You also never told anyone how you're going to pay for those whores with bitcoin after the global power grid is knocked out from a Carrington Event.
You're a fag. No one likes you. Carry on.
I am Chumbawamba.
You couldn't possibly be the real Chumbawamba as they have been big fans of Satoshi and fonestar for many years.
This is about old school Zero Hedge, bitch. Throw down.
I am Chumbawamba.
SEMPER FONESTAR
SIC TRANSIT FONESTAR CANEM
SUM CHUMBAWAMBA
That is just too damn funny (I don't care who you are).
How many places on the web can you find a comment flame war in Latin?
ED
Haha u are a fuckin dick jesus
U can buy shit with cash money and be anonymous.
Isnt it who controls its issuance the real priority of concern? Lets stay focused fellas
I know you ain't talkin to me like that Captain Negro.
I am Chumbawamba.
I sure am skipper.
Well, then, kind sir, could you please translate that ghettobabble into one of the many languages that are intelligible to the human species? Thanks.
I am Chumbawamba.
Ah, yes, ghettobable. Captain negro and transvestite fucker thinks you are an asshole. Does that translation resonate with your superior vernacular?
Dear Capt. Negro:
Can you please provide some basis for your opinion that I am "an asshole"?
I am Chumbawamba.
I enjoy your sarcastic bathroom humor as it is my venue. Just giving credit were credit is due. Carry on. Thats an order from da cap'n.
Aye aye.
-Chumblez.
Yea ur 2 bits.
only in warcraft & farmville.
Crucibles are cheap and so are furnaces that can reach the temperatures to melt gold (a potter's kiln will do the trick). In fact, anyone can build a furnace at home with easy to get parts from the hardware store (a steel bucket, some cement and refractory material, some pipe, and an old hair dryer).
I was toying with this very idea for a long time but didn't put much thought into it to figure out how to make the gold recoverable after burning the substrate. I had imagined gold infused paper: burn the paper and recover the gold dust. This is the same idea except its more durable and the substrate they use is probably specifically formulated to burn away easily under high temperature, which is also necessary if you want to retrieve a pellet of gold rather than a handful of easily dispersed gold dust.
Well executed.
I am Chumbawamba.
Chumba,
The ideal substrate would be graphene. Carbon-based a the molecular level it will provide all the functionality of plastic or paper but not leave significant detritus if it needs to be destroyed.
Graphene is flammable?
-Chumblez.
So are Diamonds at high enough temperatures. They oxidize making Carbon Dioxide.
Graphene is basically Carbon.
Right, carbon atoms in a single plane arranged in a hexagonal lattice structure. I just didn't know it was combustible. I guess now I do.
I am Chumbawamba.
and it causes global warming ;-)
- Ned
They claim that after the kiln they add a little soda and presto, only a small BB left.
The soda reacts with the substrate to help it burn away, leaving pure gold.
I am Chumbawamba.
I use Borax.
I assumed that's what dude meant and I didn't want to make dude look stupid.
I am Chumbawamba.
The dude was repeating what Valaurum said
20 Mule Team Borax here.
Is there another kind? ;)
This form of money is actually harder to counterfeit given current scanning technologies. Just don't put it in a microwave.
That's why I put the 'possible' in front of counterfeiting. Given the numerous ways to encapsulate open digitized security into a sheet of something and using open-standard hardware for production-to-usage scanning at all stages, polymer gold can be a very useful and secure means of PM exchange, especially taking into account chumba's post above about necessity of ease of collection in a single lump, rather than dust.
You can infuse the gold particles into just about any durable substrate. And the amount isn't necessarily a challenge. You don't really expect to recover a tiny pellet of gold. 1/20 of a gram is hardly even a cunthair of gold. It makes more sense that one would accumulate hundreds of these devices and then commit them to the furnace.
As far as counterfeitability, I'm afraid this device doesn't address that issue very well, at least not from what I've seen. The Chinese can make fake gold that looks more real than real gold. Anyone with the proper machinery can manufacture fake versions of these, and that's exactly what some Chinese guy with a laminating press is going to set out doing as soon as these achieve any sort of minimal level of adoption.
Additional technology needs to be implemented to make these solid. One idea off the top of my head is to form a circuit using the gold and have two test points on the device where one could apply test probes from a multimeter and check for a specific amount of resistance. Or something like that. Maybe even an embedded IC that can return a correct response code from an encrypted input key. Something like that. Heck, one might even merge this with cryptocurrency technology to have a dynamic digital currency instrument that is backed by physical gold ;)
I am Chumbawamba.
Right on chumba, that is the essence of what I was trying to get at, that some electronic measures can be paired with polymer gold to create an assuredly 'secure' means of transferring very small amounts of PM as both currency and money (anything less than a gram is weight you can barely feel). I can ping-pong both ways on how secure or unsecure this can be made, but the concept is good in theory. A visual test of originality, a physical test of electric characteristics, and a digital test of security seem like a good start. Also agreeing with the comment below on set weights (up to a quarter oz seems fair?) being deposited on varying thicknesses of polymer sheet (don't call it a note - it's not a note!).
It's definitely not a note. A note specifically is a debt instrument (i.e. Federal Reserve Note). It's a financial instrument backed by debt.
This is a financial instrument backed by physical gold.
I am Chumbawamba.
Technically you would encapsulate the gold particles. This technology is very well developed in the polymer world.
As far as "looking" like the real thing, fakes would stick out very easily under a multitude of different light wavelengths. Trust me.
Moreover, I think the quantity of gold would also be easy to discern, wouldn't it, even without weighing it, since it is so (equally) thin to the point of being translucent, as I commented below.
Gold is amazingly ductile; why can you not hammer it into foil, and attach it to a backing?
Or have a small square of pure gold, say a one gram rectangle, in the center of a plastic note?
None the less I like the idea.
It can be removed easily and replace by a Counterfeit.
However if the entire note needs to be destroyed to get the Gold then it makes it that much more difficult to counterfeit.
Goal Bichez!
Me Likey;)
so in a dark bar you pass a gold note, and the Bartender doesn't notice that the flecks of gold have been pried out.
hookers are probably going to be a bit smarter..
righto...and everybody knows the hos never make change.
"the flecks of gold have been pried out."
Better read the article.
Bartender is too busy running Goldschlager through a coffee filter to notice.
The article makes very little sense, gold can trade at fractions of an oz. A person could buy 1/10 oz. coins right now and trade goods and services for it. So?
In the end, it doesn't matter what your medium of exchange is... if you attach interest to it, it is doomed to fail. In Ancient Rome they attached interest to their silver coins. Population eventually went from 2-3 million to less than 50k.
That's why I developing GoldBullionDebitCard. It allows you to sell just enough gold (in milligrams) to offset a debit card transaction making physical gold as liquid as cash.
By processing the transactions through a bank (while the gold is physically held outside the banking system) you avoid the same problems that stopped Goldmoney and E-Gold. The transactions will be compliant with the USA Patriot Act.
The merchant is paid in their local currency but the account holder maintains the balance of their account in gold. And since the account is only for transactions an owner can keep their gold savings in their own vault until they want to spend it like cash.
This product is under development and the payment process has a patent pending.
Goldbulliondebitcard.com
These are not 1/10th Ounce. These are One Tenth Gram which equates to 1/311 th of One Ounce. They have roughly $4 of Gold in them today.
I'm buying !!!
Design seems a little generic and easy to counterfeit.
Needs a hologram or picture of a beautiful woman on it.
there's a hollogram on the right bottom.
but on the other hand...
I can order 5000 hologram labels for 250$ on alibaba with a custom design...
Hologram of a bar of Titanium.......just to keep perspective....
where Can I buy some?
http://shop.valaurum.com/
Instant online delivery, LOL!
vivid imagination
Just Buy the ETF i am sure it will be out soon
You dont need to use that, just Collateralize it period.
the only gold I bought after deviating from just silver eagles was a philharmonic 1/10 oz. It was so small even in the plastic wrap it came in I lost it. How is that for brutal honesty huh? No boating accident as in my silver either. Lost. So maybe something bill sized for me is the ticket.
What are you, a drunk?
An honest drunk willing to admit he has a problem. That's the first step toward recovery. Except for recovery of that 1/10 oz. It's a goner. That's a bummer.
3114$ an ounce bitches. That's alot of money for a plastic/polyester printed bill.
Sounds like that should be spot price.
i agree that production costs are large for the Intrinsic Value. I think that it is a novelty item today.
But there will be a time in the near future when US Dollars will be irrelevant. How are you going to trade for small Items POST US Dollar???
(What if you do not have Fractional Silver?)
What will one tenth of a Gram of Gold buy you today? Will it buy a Gallon of Gas? Will One Gram of Gold buy you a Fill up at your local Gas Station? (10 Gallons)
Will one tenth of a Gram buy two loaves of Bread? Will it buy 18 Eggs?
(I just read a post claiming that there was $2 worth of Gold in this product. The guy was absolutely clueless.)
There is roughly $4 worth of Gold as, at $1250 Gold, the price per Gram is $40.32. Thus 1/10th of a Gram is one tenth of $40.32.
He is nowhere able to equate Gold to materials purchased at the Grocer as he cannot even correctly determine a US Dollar price for the Gold contained in the note.
During a Hyperinflation you may have a lot of Gold. But the prices for other commodities will stay pretty much Constant when compared to that of Gold.
You are going to have to change your Mindset and start thinking in terms of ounces of Gold as the Dollars become irrelevant.
For many of you this is going to be difficult, if not impossible, during the initial shock. You will be extremely stressed.
However if you start thinking like that today then it will be much easier as it will become a habit before the Final Breakdown.
Far too many of you will be separated from your Gold far too easy because you have never thought in terms of what PURCHASING POWER that Gold has in regards to most of the items which you purchase today to survive.
You think in terms of US Dollars. In a POST US Dollar World those Dollars will not be there. Thus people will be able to take advantage of your ignorance just as Pawnbrokers take advantage by paying people 30% Spot today.
As for the guy who claimed that there was $2 worth of Gold? His Gold will be easily separated from him.
Hopefully production costs/unit issuance will diminish as there becomes a greater demand for this product. Yes 2.5X Spot is an Expensive price. I do agree.
Fractional Gold issuances are not fractional enough. This seems to satisfy the needed fraction.
DISCLOSURE: I am not in any mannner, shape or form employed by the companies involved. I am NOT pushing the product. But I do want you to think about a Post US Dollar World.
An Aurum note costs $10 and has $2 of gold in it. I'll pass.
$4USD of Gold in it.
At this moment you are right. But the guy you rightly corrected and yourself misunderstand it.
It doesn't HAVE a "value" . To day it's 4 US dollars for one, tomorrow?
It's "face" value should state '1/20 Gm of Gold'
And that's all.
1/20th of a Gram is $2. 1/10th of a Gram is $4.
The Face Value of the Notes are stated in Fractional Grams.
You are right, the photograph was of the 1/20th gram note but the one for sale is 1/10th.
Why not just use bitcoin?
Because it might be some evil conspiracy the banksters have hatched to ensare us in an evil-er conspiracy.
Let's see how quickly the Aurum story is picked up and mentioned by CNBS, Krugman, Alan Greenspan, Yellen, Congress, and all the usual suspects. Like they did for certain anonymous digital currencies. Yeah, didn't think so.
there is a transaction cost in printing...anything...let alone "gold something or other." I still think Governments fear simple paper currency with value more than anything. The ruble is still worthless...even today.
That dollar has just bankrupted Detroit "and didn't think anything of it."
http://www.washingtonpost.com/blogs/govbeat/wp/2014/01/14/michigan-sessi...
The theory that "you don't know what to do with the money" doesn't mean that other guy doesn't. Get rid of property taxes and this game is over.
because by the time I need to spend it no one will give me anything for it - not a loaf of bread, not a place to sleep, nothing.
Everyone will want Bitcoin's SHA-256 and nobody will want your two-bit brain.
really? I could be in a rural village somewhere in South America away from the Fukushima radiation and have a GRID there to use bitcoin?
Or how about a place off in the desert somewhere in Australia, and BITCOIN will be there? Really?
No electric grid, no cell phone towers, no internet of any sort, and BITCOIN will get me shelter & water there?
Give your head a shake, numb-nuts.
And not the one between your legs - you've obviously shaken that too much which is why it's going numb.
Ah, cause I can have it on my person without a satellite link.
If I use it at the Farmers market, flea market, etc., According to "Official" records, No Transaction Happened.
I wonder how the PTB/W would like not having a "Transaction Fee and Tracing" on every person to person transaction.
If the transaction goes thru a signal or wire, It ain't your transaction anymore period.
I bought a couple for the novelty.
With all the NSA hacking going on, with and without network connections, is it possible that TPTB actually desire people to explore alternative currencies, assured in their power to claim them by whatever means/legitimacy they deem fit?
No.
Like they "Claimed" pot for the last 60 years or how they "Claimed" alcohol back when it was illegal...
Door search for a gold coin the size of a quarter ? Don't see it.
The faster you live in an UnCredit world, Each Transaction by transaction, the faster everyone will find this normal...
"What if you could carry and exchange gold in the exact same manner as you do with the dollar bills in your wallet?"
Well after your first public transaction, you'd most likely need to be very confident using your hands to protect yourself. Call me crazy but I wouldn't want to pay using gold at a local grocery store or in a mall, not with the idiots out there anymore.
Novel idea but it won't work thanks to the fucks in the Dickstrict of Cuntomblia.
Now trading for things using a "plant" seems a bit safer of an idea, one would not be selling the plant but rather trading it for services rendered.
Are you really worried about being mugged for $4?
where their is one gold bill there are probably a few more in wallet ... a gold bill, makes a worthless paper note , worth grabbing
That's a ridiculous statement.
It's the same now as saying;
"where's there's one twenty dollar bill there will probably be more."
Like the guy said that you were replying to, It's only $3 - $4 dollars right now. It's like having a five dollar bill in your pocket now.
Where do you shop that things cost $4? Or do you make 25 separate trips a day to a grocery store? I get it to only carry what you need, but if people are on the struggle and know you out of the 25 people around them have solid currency, what do you think the reaction would be?
How many crowns can a thug make with one of those bills? None, probably. But in bill form, it looks like a mouthfull. The thug won't know it's only $4 in gold til he takes it to the dentist.
now you can melt your gold from Aurum and melt and cast your 50 cal muzzle loader lead bullets in the same kiln. Two bird with one stone but that 4 dollars of gold for 10 us dollars is a bit of a problem for an aurum. Any metalurgists here? Is gold similar in lead in bullet making and stability as a projectile. Just wondering of course.
Ask Scaramanga.
Nice 007 reference.
By the way. These guys have met with the President of Iceland.
BREAKING**
Gold was slammed down today 5 HUNDRED pennies.
Those damn monkey-hammers.
LOL
Gold closed at $1254.10 up 10 cents.
derp. Less than 24 hours ago it hit USD 1257, 1700 Eastern. It was 1252 when I wrote that.
And /sarc was implied on the gusto but man... whatever.
More paper?
Ah, It's Not Paper.
It's a thin gold (ie the real metal) foil amalgamated to a substrate.
These misunderstandings of money just get stupider and stupider.
Which would you rather have, a $10 US bill or one of these? And 10 years from now?
These are 40% of face value when I buy them. The US FRN has gained 30% of its face value in the last year against gold. So given the choice between the dollar and one of these, I'd take the dollar. But neither is money, so given a choice to take a properly managed Medium of Exchange (MOE which stands for "a promise to complete a trade" and guarantees zero inflation) ... that would be my choice. Unfortunately, that choice has never existed in all of history. As far as 10 years from now, looking at history, the dollar has lost 4% per year against gold. That would be a nearly 50% gain for gold if that continues. But "one of these" would have to gain 100% just to gain back what I lose by purchasing it now, instead of some other form of gold ... like a gold coin or a "goldmoney" gold gram. Gold's only hope is for complete mismanagement of our MOE (which is of course assured).
You can pick and choose your time interval for the evaluation of gold against the fiat dollar. Using the last 10 years as a guide you'd make out just fine. If you buy 10 they are 50% of face value.
If I buy goldgrams, I do finer. And I still can't use either to buy a gallon of gas. I'll go with the goldgrams ... or better yet, land in my neighborhood, since we're not really talking about money here but rather a choice of a store of value.
What's wrong with buying $1275 worth of gum?
or tobacco
Ahh fuck it, they look nice and as one would expect premium is high but I guess justifiable considering the units involved. I bought 10, maybe I'll give them as presents xmas presents next year.
These bills have 1/10th of a gram of gold in them. Recoverable gold is said to be 1/10th to 1/20th of a gram. The cost of their bills is $10.00. That means you are goiing to pay about $2850.00 per ounce of gold. Still think it is a good idea? May be better than bitcoin in that you have your store of value close at hand, but at an extremely high cost. Just my view. Bars or coins still seem like a better deal.
The process of producing these bills seems to be more involved than stamping coins, right? Might be a reason why they are twice spot. Perhaps, when production gets cheaper the premium will go down. If it goes down a lot then we really are talking a cool idea. People are pretty incredible with the shit they come up with. Proof positive that the banksters are fucked.
The RCM also produced a $20 silver coin and it's not nearly worth $20 of silver. The fiat CAD value is $20 the silver content is about 8 grams, spot today being around 21 but given the volatility a to-the-minute quote is largely worthless here (unless I'm goldcore).
meh
gold makes a shitty medium of exchange....it makes a superior store of value....
Why worry about counterfeit Valaurums when I can have the US government watching my medium of exchange and producing superior notes?
Gold does much better when it is occasionally moved from storage to change into fiat or vis versa.
Even when gold was money people opted for paper. Who in their right mind would do business in a harder currrrency today? If I take out a loan I want to be able to pay it back in unstable, inflating, always easier to get currency.....and so has mankind always.