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Old 01-22-2018, 10:09 AM   #1
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Sprott offers gold redeemable crypto: onegold

Quote :
... in a few days Sprott plans to introduce a cryptocurrency that is backed by gold and convertible into metal vaulted at the Royal Canadian Mint in Ottawa.

The idea is to slash transaction costs for real metal and challenge the fees charged by exchange-traded funds and similar products.
...
http://gata.org/node/17975

I'm having trouble wrapping my head around this one. How would one redeem their crypto for metal? Would such a crypto be tradable on one of the exchanges like Binance or KuCoin?
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Old 01-22-2018, 01:59 PM   #2
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So eerrr

issuing a coupon thats gold backed ?

I suppose if the blockchain principle is applied to the coupon then there could be potential for my easily traded electronic coupon to maintain its gold backing ?
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Old 01-23-2018, 12:35 PM   #3
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blockchain to track gold ?

https://www.bloomberg.com/news/artic...lion-of-supply
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Old 01-24-2018, 08:39 AM   #4
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Originally Posted by rblong2us View Post:
blockchain to track gold ?
...
Yeah, that was pretty vague. The LBMA wants to be able to track supply chains for gold from the refiners on their good refiner list. Not sure how they will be able to apply blockchain tech to that issue.
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Old 01-24-2018, 08:49 AM   #5
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This sheds some light on the LBMA news:
Quote :
...
As the NRC website explains, “On the simplest level, blockchains are public ledgers that record transactions shared among many users. Once data is entered on a blockchain, it is secure and unalterable, and provides a permanent record.”

The high level of security comes from storage of data in encrypted blocks that are decentralized, or stored on a network of computers around the world. This combination of encryption and decentralization ensures that data is practically impenetrable.

The most well-known manifestation of blockchain technology is Bitcoin, a digital currency that stores all transactions and amounts on a decentralized public ledger. But while Bitcoin’s meteoric rise has garnered it much hype, its utility pales in comparison to Ethereum.

Whereas Bitcoin is a digital currency, Ethereum is an entire blockchain-based platform whose operations are fueled by the cryptocurrency token Ether. Ethereum’s usefulness stems from its ability to run smart contracts, which are coding operations that make it possible to exchange money or data in a transparent and secure manner.

The Ethereum platform even comes complete with its own programming language, allowing developers to build applications and services that use its blockchain. The Catena Blockchain Suite, built by Ottawa-based company Bitaccess, is one such application.
...
https://globalnews.ca/news/3977745/e...in-canada-nrc/
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Old 12-06-2018, 10:31 AM   #6
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OKLAHOMA CITY, November 12, 2018 **– APMEX, Inc. and Sprott Inc. (TSX:SII), leaders in the precious metals industry, today announced the launch of OneGold.com, the first online marketplace to securely and conveniently buy, sell and redeem digital gold and other precious metals. Both partners bring decades of experience and knowledge to OneGold: APMEX is a leading precious metals e-retailer, with more than $10 billion in sales and 1.5 million customers; Sprott is an alternative asset manager and a global leader in precious metal and real asset investing with more than $7.5 billion under management.

“This launch is a major milestone for both our companies as we enter the next era of precious metal investing,” said Ken Lewis, CEO of APMEX. “Providing security, convenience and efficiency is the mission of OneGold. This is reflected in the technology and design of the marketplace, from the industry-leading VaultChain blockchain ledger that immutably records ownership, to our choice of the Royal Canadian Mint as the vault for physical precious metals. Today we have launched with digital gold and silver, and look forward to offering additional digital precious metal options in the future. In the end, OneGold is unique because it was built by precious metal investors for precious metal investors.”

Peter Grosskopf, CEO of Sprott, added, “We are excited to offer precious metal investors a compelling new way to own metals. There’s really only one kind of digital gold, and it’s not Bitcoin or other cryptocurrencies. What differentiates the digital gold and other precious metals available on OneGold is that they are all backed by physical assets, and that customers can easily buy, sell or redeem them for physical metal. Digital gold combines the stability, risk diversification and long-term store of value provided by physical gold with the security and efficiency of blockchain technology, without the significant limitations of Bitcoin or other cryptocurrencies.”

Some of the unique aspects of the OneGold online marketplace and digital precious metals include:
  • OneGold digital gold and silver are fully-backed by physical metals held at the Royal Canadian Mint;
  • OneGold uses VaultChain, a secure, immutable blockchain ledger developed by Tradewind Markets, the leading innovator in distributed ledger and blockchain technologies for digital precious metals;
  • OneGold digital gold and silver are 100% redeemable for physical precious metals, delivered to customers’ doors;
  • Digital gold and silver can be bought in any amount, at competitive prices with low transaction costs; and
  • OneGold.com is secure and accessible 24/7 on any device, allowing investors to buy, sell or redeem precious metals at their convenience.

Investors are encouraged to learn more and create a free account today at OneGold.com.

About APMEX, Inc.

For more than 15 years, APMEX has been one of the nation's largest Precious Metals e-retailers, boasting over $10 billion in transactions. APMEX has the largest selection of bullion and numismatic items provided by a retailer, boasting more than 10,000 products. Product offerings include all U.S. Mint bullion such as Gold, Silver and Platinum American Eagle coins. APMEX also sells products from leading mints around the world including The Royal Mint, Perth Mint, Royal Canadian Mint and many others. APMEX is a member of the American Numismatic Association, the International Precious Metals Institute and the Industry Council for Tangible Assets. For additional information, visit www.APMEX.com or call (800) 375-9006.

About Sprott Inc.

Sprott Inc. is an alternative asset manager and a global leader in precious metal and real asset investments. Through its subsidiaries in Canada, the US and Asia, the Corporation is dedicated to providing investors with best-in-class investment strategies that include Exchange Listed Products, Alternative Asset Management and Private Resource Investments. The Corporation also operates Merchant Banking and Brokerage businesses in both Canada and the US. Sprott is based in Toronto with offices in New York, Carlsbad and Vancouver and its common shares are listed on the Toronto Stock Exchange under the symbol (TSX:SII). For more information, please visit www.sprott.com.

About Tradewind Markets

Tradewind Markets has built a technology platform for digitizing the ownership and trading of physical assets. The Tradewind solution combines the world-class exchange technology of IEX, the fair, simple and transparent stock exchange with a blockchain application tailored for precious metals. Tradewind is operated by a team of 22 professionals with extensive experience in electronic trading, gold investment management, market operations and blockchain technology, and has been financed by industry leaders such as Sprott Inc., Goldcorp Inc., Agnico Eagle Mines Ltd., IAMGOLD Corporation, and Wheaton Precious Metals Corp. For more information please visit tradewindmarkets.com.
https://www.onegold.com/pressrelease...launch-onegold

Quote :
... Individuals can buy or sell gold on the OneGold website faster than through a commercial bank or ETF. Grosskopf envisions OneGold developing a wallet system that allows investors to use gold to pay for goods and services, giving gold investing a new practicality.
...
More: https://midasletter.com/2018/11/spro...ding-platform/

I saw someone that looks to be a onegold rep promoting this on another forum. He said:
Quote :
... If the customer owns AUR or AGR (pooled gold/silver at RCM), they can buy, sell, and trade without concerning themselves with physical delivery. However, if the user would to physically hold these metals, they can do so, but those metals would have to be APMEX product. This is because it is not in our agreement with RCM to send physical metals outside of the chain of custody. As many accounts will likely never utilize this feature, it is not a means of making extra fees. We know many users may not desire to use this feature, but we did want to provide a means of physical delivery for our customers. Lastly, if a customer were to redeem, those products are fulfilled by APMEX, and not held at RCM. Pooled metals most often take the form of good delivery bars, which are usually large gold bars, but all pooled metals will be .9999 pure gold and .999 pure silver.

An example can be found below:

Let's say spot is at $1200 USD per oz

A OneGold customer buys 10 oz for $12,000 USD. Let's say gold goes up to $1300 USD per ounce. The customer can then sell their 10 oz. We buy metals back at the total value minus 30 basis points (.30%). If spot was at $1300 USD that would equate to spot ask -$3.90 per oz. So, the customer would receive $12,961 USD . If the customer wanted to receive the cash balance in full, OneGOld will send a check, wire the funds, or ACH the full amount.

IF the customer decided that they wanted to take physical delivery of 5 oz of gold, and receive cash for the rest, OneGold would simply apply the cash balance to 5 gold coins, bars, (whatever the customer chooses), and pay the customer the remainder. Best tier pricing would also be applied. So, even though the customer is only buying 5 coins, they would be priced as if they were buying over 100 oz.
...
I saw this fine print on the onegold website:
Quote :
‡ No premium on gold and silver products through 2018. No storage fee charges until 2019. Beginning in 2019, storage fees will be 0.12% for gold and 0.30% for silver. Minimum storage fees of $5 per quarter.
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Old 12-06-2018, 10:44 AM   #7
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So, if I'm reading that right, I could create a onegold.com account right now, buy say $100 or $200 worth of silver at near spot best I can tell, then redeem it for Apmex silver (my choice of silver product) at Apmex best pricing tier less 0.30%. Would need to do some real math on this, but it would appear that, at least until the end of the year (no storage fees), it's a vehicle that *might* let you purchase metal from Apmex at a better rate than shopping directly from their website for low volume orders.
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