GoldMint Brings Gold to Blockchain

While skepticism has remained over the growth of cryptocurrencies based on blockchain technology, one cryptocurrency, namely GoldMint, aims to back its coin with actual gold. By doing so, GoldMint aims to bring confidence to investors that their money will be backed by a tangible asset with intrinsic value.

GoldMint is a cryptocurrency backed by gold.

Gold is the perfect asset to back any token or share, or even sovereign currency, with, given that it has unique properties making it the quintessential form of money: it is rare, durable, divisible, malleable, and any unit of its weight can be exchanged for any other unit of the same weight. Gold also has utility as an industrial metal due to its conductivity, and has aesthetic appeal due to its bright yellow color when pure. These unique properties have made gold a universally recognized form of money that will bring legitimacy to any cryptocurrency seeking to assure investors of its value.

By using the blockchain — an accessible ledger that allows users to view data such as assets, ownership, and contractual information — GoldMint aims to bring greater transparency and ease of use to investors and traders of gold. The blockchain used by GoldMint is private and based on Graphene software, given that it is open-source and secure. Using the blockchain, users of the GoldMint platform can conveniently buy or sell gold futures at a predetermined price and time. Given the stability of the gold price throughout history, cryptocurrency investors and traders, as well as companies, can use the GoldMint platform to hedge against the volatility and risks in cryptocurrency and other markets. The platform aims to allow users to buy and sell gold swiftly and easily, including on mobile devices, thus bringing extra liquidity to the gold market.

Those who simply buy and hold gold through GoldMint will be able to weather any spikes in inflation from fiat currencies. While fiat currencies can be printed almost infinitely, the supply of gold due to mining increases one to two percent annually. Thus, gold is considered the supreme hedge against inflation, which has ravaged many nations throughout history, and even today afflicts much of the developed and especially the developing world. Moreover, the GoldMint cryptocurrency uses a “proof-of-stake” (PoS) protocol, which allows token holders to mine the cryptocurrency simply by storing it and periodically receive token amounts proportional to how much they own.

The unit of currency used by GoldMint is GOLD, with the symbol MNT, which is backed by physical gold of 99.9 percent purity as well as gold exchange-traded funds (ETFs). Those who own GOLD can use it as collateral for loans through GoldMint. Borrowers can also give GoldMint gold jewelry, coins, or other items as collateral, where it will be safely stored in its “custody bot.” Borrowers who default on loans will lose their GOLD to GoldMint. GoldMint will also issue credit cards with limits that depend on how much GOLD a user owns. By providing these essential services, GoldMint will function much like a bank with the added security of being backed by a precious, tangible asset.

Those who are interested in learning about or investing in a gold-backed cryptocurrency can read GoldMint’s whitepaper here. The GoldMint website also gives a comprehensive view of the organization’s services and goals, and provides the names of the organization’s executives, developers, and advisors.

While some critics point to cryptocurrencies as backed by nothing tangible or of intrinsic value, this is not the case with GoldMint. GoldMint gives investors the opportunity to get into both cryptocurrencies and gold, thus potentially enjoying the best of both worlds.

For more information about GoldMint:

Reddit: https://www.reddit.com/r/goldmintio/

Twitter: https://twitter.com/Goldmint_io

Facebook: https://www.facebook.com/goldmint.io

Bitcoin Price Tops Gold

For the first time ever, the bitcoin price — that is, for a full unit of bitcoin — is now worth more in U.S. dollars than an ounce of gold. This is big news for proponents of digital currencies. Of course, not everyone is convinced that bitcoin is a safe or savvy investment, despite increasing digitization of money. Here is a video on bitcoin’s recent surge.

Many investors in bitcoin and other cryptocurrencies believe that digital money is a way to diversify away from the risks of fiat money.

Jim Rickards on Next Financial Crisis

Jim Rickards asserts the next major financial crisis is around the corner, which will usher in the use of Special Drawing Rights (SDRs) as the next global reserve currency to bail out bankrupt nations such as the U.S. He asserts the next crisis could cause the closure or restricted use of banks and other financial institutions for several weeks. He also believes any deflation will be countered by inflation by the world’s central banks — in this respect, his outlook is similar to Michael Pento‘s. Rickards believe tangible assets such as gold, fine art, and real estate will maintain their value during this financial storm.

Here is the interview with Greg Hunter.

Michael Pento Predicts Bond Crash

In an interview with Greg Hunter of USAWatchDog.com, Michael Pento, a financial analyst with Pento Portfolio Strategies, suggests the jig will be up for the bond market and the dollar once the Federal Reserve admits it cannot raise interest rates without cratering the financial markets. He believes the negative rates on European and other corporate bonds are unsustainable, and that the global nature and depth of the bond markets mean that bonds can skyrocket from negative or zero percent to two, three, or even four percent, or higher, in a matter of days. Such a shift in the bond market will signal a major loss of confidence in them by investors and traders.

He believes that the U.S. is in or about to enter into a recession, thus making continuous rate hikes impractical. He also believes once the world figures out that the U.S. markets are no different from Europe or Japan, and the Federal Reserve starts easing again, that gold can easily rocket near or to its all-time highs. Along these lines, Pento has published his book The Coming Bond Market Collapse that elaborates on these ideas.

Bill Murphy: Gold Going to $3,000-$5,000

Bill Murphy, the chairman and director of the Gold Anti-trust Action Committee (GATA), recently interviewed with Greg Hunter of USAWatchdog.com. In this interview, Murphy says he thinks gold will hit $3,000-$5,000 per ounce, which he sees as conservative. Actually, this price target is more conservative than the $10,000 gold price target of Jim Rickards.

He says the “gold cartel” — consisting of bullion banks and central bankers, among others — have been manipulating the price of silver downward. In particular, he believes that the price of silver is targeted for suppression by the powers that be because it is tied to gold, a commodity that trades inversely to the U.S. dollar. Thus, in order to keep the illusion of dollar strength and security, he believes, the silver and gold markets must be suppressed.

Here is the interview:

Rickards and von Greyerz on $10,000 Gold

Jim Rickards and Egon von Greyerz both agree that gold should be valued at $10,000 based on today’s money supply in the video below. They also believe gold is a hedge and form of insurance to economic instability and potential hyperinflation. They also discuss the 1,000 ozt silver bars traded in the bullion markets, along with their unique features, such as their assay marks and serial numbers.

 

Silver Expert Predicts $140 Silver

The Motley Fool has an interesting article on Keith Neumeyer, CEO of First Majestic Silver, a major silver miner, predicting a $140 silver price.

Is silver really in such short supply that not only could it double in value from its current price, but triple or even quadruple? First Majestic Silver (NYSE:AG) CEO Keith Neumeyer says you would be crazy to think silver will be trading at $30 or $50 per ounce within the next few years. Nope, instead he believes silver will hit $140 per ounce, a ninefold increase from where it stands today.

Notably, Neumeyer believes the higher prices will be driven mainly by the increasing demand for silver in cellphones and other electronics, due to economic growth in emerging economies.

Also, he recently suggested silver could hit $1,000 and gold $10,000 in an interview with Future Money Trends: