Above: What Is Goldmoney? Peter Schiff’s Goldmoney MasterCard.
Goldmoney is a global full reserved gold based financial services company founded by James Turk, Roy Sebag, and Josh Crumb. The company operates under the Network, Wealth, Physical, and Insights subsidiaries which offer full reserve precious metal focused financial services encompassing savings, payments, wealth services, dealing, execution, custody, and research. Goldmoney Inc. was formed as a holding company following the acquisition by publicly listed BitGold Inc. of the Goldmoney business in 2015. The company subsequently changed its name to Goldmoney Inc. The company has over 1,500,000 clients and total customer assets of 1.8 billion representing 34.1 tonnes of gold making it one of the largest privately owned gold reserves in the world.
I’ve had a Goldmoney account for a couple of years and it works flawlessly. Just be clear that it’s function is to preserve your purchasing power, it’s not a get-rich-quick scheme. Brilliant system.
Can we have a card which stores silver instead of gold?
Great video. Peter Schiff makes a lot of sense with how Goldmoney works. Going to open an account today.
Sorry Peter, but what you are saying is misleading. You cannot use Goldmoney debit card to spend gold. It is prepaid card, you have to sell your gold first to charge the card with fiat currency of your choice and then at the merchant, you spend that currency, not gold. Yes, that is what he said and it is wrong.
Compare these 2 scenarios:
1) buy a hamburger and pay with Goldmoney card
2) hamburger cost 5$ and necessary amount of gold is sold at that moment to pay for it in dollars
1) sell certain amount of gold for fiat currency the Gold money card is issued for (dollars, euros, …) to charge the prepaid card with the currency, lets say you charged your card with 100$
2) week, month, year etc. later, buy a hamburger and pay with Goldmoney card
3) the card is already charged with 100$ and 5$ is subtracted to pay for hamburger
Gold money card is from B scenario. You have to sell gold in advance to charge it with fiat currency. In other words, when you buy the burger, no gold is sold to pay for it.
Well duh, the hamburger is priced in dollars. You would be basically be asking GoldMoney to evaluate your Gold in real time every time you made a purchase. The long-term purpose is for retailers to accept gold in itself as a form of payment. This is the point Peter is speaking to. At that point, there would be no conversion and the scenario you are hoping for wouldn’t be necessary. As a consumer, I don’t want each and every purchase to be dictated by the fluctuations of the value of gold based on the dominance of fiat currency. I would never know how many dollars that hamburger actually cost because you could have bought it at a point where the market value of Gold was low and 5 minutes after buying the burger the prices spiked. That burger would have then cost you much more than the anticipated price.
“You would be basically be asking GoldMoney to evaluate your Gold in real time every time you made a purchase.”
Sorry to break the news for you, but that is how it works when your card is issued in euros and you buy something in dollars. So why would I expect anything less.
So many Bitcoin vs Gold arguments, why not own both? Throw in some Equities, Bonds and Currencies as well.
I feel like i just watched a 20 minute commercial for this dudes gold selling company.
Why do Goldmoney accept cryptocurrency? That’s crazy. It show that even they trust it.