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Alasdair Macleod: GoldMoney debit card proves gold remains money and provides choice

Section: Daily Dispatches

Using GoldMoney's Pre-loaded Cards

By Alasdair Macleod
GoldMoney, St. Helier, Jersey, Channel Islands
Thursday, July 7, 2016

At Goldmoney we have noticed that account holders sell gold to preload their Goldmoney cards when gold rises.

This makes sense. People are using their accounts as money, which is exactly what they should be doing.

A Goldmoney payments account compliments a fiat currency account and gives people options. Everyone who has a Goldmoney account also has a conventional debit or credit card, both of which they can use for day-to-day payments. By running a Goldmoney account alongside a conventional bank card, you give yourself added payment flexibility.

Let's assume you plan to take someone out to dinner. Beforehand you look at the price of gold. If it is up, measured in your normal currency, preloading your card to pay for your dinner will make it less costly than using your normal bank card, compared with yesterday. If the gold price is down, you just use your bank card.
In other words, you use the money that gives you the best deal.

This is the point about money. It is not an investment, so computing what you initially paid for gold and your profit or loss on it is not the point. You have to look at it as a competing form of money, which can give you an economic benefit.

I don't think any analysts have adequately described the benefits of being able to use two different forms of money for daily purchases, because this facility has been rarely available until now. ...

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The Gold Mine Barrick Might Regret Having Sold

K92 Mining is poised for production at its Papua New Guinea gold project and has just listed on the Toronto Venture exchange under the symbol KNT.V.

The gold mining startup came together during one of the toughest periods in mining history.

K92's main asset is the Kainantu project, a large high-grade gold resource with extensive infrastructure including underground mine development, a mill processing facility, a fully permitted tailings pond, and paved roads. The infrastructure means K92 can aim to restart mining in the near term with minimal capital costs and seek to grow through cash-flow funded exploration on the roughly 405-square kilometer property, considered prospective for additional discoveries.

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