Galt's Gulch

Gold Based Credit Card

Posted by Blanco 5 years, 3 months ago to Economics
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This is a fascinating development for us gold bugs who don't trust fiat money. What do you think?
SOURCE URL: https://www.foxbusiness.com/technology/gold-money-glint-debit-card

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  • Posted by freedomforall 5 years, 3 months ago
    I think no one is trustworthy enough to hold my gold for me, especially when one primary reason for me to hold gold is to retain value in my possession in case of economic collapse.
    No one every looks after my assets with the same care and with the same interest that I do.
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    • Posted by $ gharkness 5 years, 3 months ago
      "No one ever looks after my assets with the same care and with the same interest that I do."

      Pretty much captures the essence of my thought too. Not to sideline the conversation, but when you think about it, I just bet this isn't the only "asset" you feel this way about (referring to family, etc.).

      In the case of economic collapse, I can't see that having gold or anything else in Colorado (or Switzerland) will be of much value - either that, or my imagination is lacking. Could definitely be the latter.
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    • Posted by Blanco 5 years, 3 months ago
      I agree that the best way to secure one's gold is to hold it in one's physical possession. However, I think the idea of the card is to have a small amount of gold in the Swiss vault so as to be able to eschew fiat money and essentially spend gold. The bulk of one's gold would ideally still be in one's physical possession.
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      • Posted by freedomforall 5 years, 3 months ago
        The wording of the ad is not that clear to me.
        "stored in a Swiss Brink’s vault and insured by Lloyd’s of London"
        Is that vault in Switzerland or is this "Swiss Brink's" just a description of the vault not the location? Is this a Swiss bank account at a major Swiss bank with ownership of the gold stated in my name or not? Is the Lloyds insurance to protect the company against loss, or to protect me against loss? What type of loss is insured and how much?
        No one ever looks after my assets with the same care and with the same interest that I do.
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  • Posted by Jstork 5 years, 3 months ago
    Just a small aside.
    I was thinking about the idea that gold is used as a monetary standard to day and through history. I get that.
    Isn't the value of gold still subjective? Its use is relatively low compared to other metals.
    What if; per say, anonther element could provide the world with energy but had relatively low abundance. Comparatively, gold could have less value and the new element would have greater value thus replacing gold as a standard.
    Maybe titanium, platinum, or uranium could be the new gold as they have great value to society.
    Just thinking.
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