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Over 35 years experience working in oil and gas accounting with privately held oil and gas producing companies. Also have a blog that covers monetary system issues and the potential for major future monetary system change. (http://lonestarwhitehouse.blogspot.com/)  - email: ... more

Efforts to Use Gold as Money Popping Up Around the Globe

Date: Wednesday, August 1, 2018 5:17 PM EST

Recently, we featured articles on the efforts by economist Keith Weiner and the new gold payment system Glint to encourage people to use gold as money again. There is a bit of a trend in place now around the world as various initiatives move forward on that front. 

 

Below we will list a few of the more high profile efforts underway and provide a brief update on where each one stands as of today. We will follow this over time to see if the trend continues and picks up momentum.

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Goldmoney - Precious metals investing and payment system

 

Goldmoney has been involved in the effort to make it easier to use gold like money for some time now. They offer a variety of precious metals investments and also a payment system app they describe this way on their web site:

 

"The Goldmoney™ App for iOS and Android provides access to all Dashboard features and functions, enabling you to manage your Holding and buy, sell, exchange, and redeem precious metal bullion through an easy-to-use and highly secure interface. Need to make a payment? Send and accept precious metal payments to and from other Goldmoney Holdings and businesses, and earn metals by referring friends and family to Goldmoney."


Goldmoney has also announced they plan to expand their services into China. This is some news that will be interesting to follow over time. In their most recent conference call, CEO Roy Sebag talked about moving into China:


"If I can move on to Goldmoney China. This is a venture we’re also very excited about. We are rapidly approaching launch date.   


. . . . . 


What we’re presently doing, in terms of the technical aspects of the launch, is we are hiring and training Mandarin-speaking relationship managers, Mandarin-speaking compliant staff, and beginning to test out live accounts. The entire build-out of Goldmoney China has been completed in both the back-end and the front-end. The URL is actually available. We purchased the domain Goldmoney.cn. And, we have also set up a local server within the Great Chinese Firewall. So, we ask our investors to stay tuned, but we expect this venture will be launched within the next four to eight weeks (comments made in late June 2018)"


Goldmoney is a public company and its stock trades in Canada (TO:XAU) and in the US under the symbol (XAUMF). Goldmoney also offers users the opportunity to buy cryptocurrency. They describe that process on their web site here.


Glint  - UK based gold payments system


We have previously covered Glint here both at their initial launch last November and also with a recent update on their new expansion plans. Glint is preparing to launch into the United States this fall. The Glint app allows users to move funds between gold and various fiat currencies (USD, pounds, euros)  for a fee of .50% per transaction (50 cents on a $100 transaction). This can be done on a mobile phone app so any gold owned is quite liquid. Notice that users can also exchange fiat currencies for a very low transaction fee compared to many other such services offered by regular banks, etc.

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