Gold Backed Cryptocurrency – Australia First
A Gold backed cryptocurrency, – has just released on leading cryptocurrency exchange, CoinSpot – known as ‘Gold & Silver Standard’.
In an Australian first, both Gold (AUS) and Silver (AGS) are now listed to buy and sell instantly, 24 hours-a-day via CoinSpot, providing the investment community an easily accessible stablecoin with capital appreciation prospects.
Microinvestments mobile app, Bamboo, also simultaneously launched the Gold & Silver Standard on its platform, allowing investors to seamlessly and instantly purchase digital assets via their mobile phone.
An innovation of Ainslie Bullion, one of Australia’s largest and oldest bullion dealers – established in 1974 – the cryptocurrency tokens allows longer-term investment as well as a stable coin for traders to park profits between trades without needing to convert to Australian dollars.
The cryptocurrency now gives newcomers and experienced traders an asset-backed token using the ‘Ethereum’ blockchain, combining the 5000-year-old monetary metal with new-age technology.
Ainslie Bullion Director Paul Engeman said Gold & Silver Standard allowed investors to ‘balance their wealth in an unbalanced world’.
The digital asset enabled investors to get their hands on the precious metals in fractional amounts, which was not always accessible for everyday people, he said.
“There are over 2.6 million Gold & Silver Standard cryptocurrency tokens available to the market now and we expect this will grow exponentially with demand,” Mr Engeman said.
“What makes the Gold & Silver Standard unique in the market is it is a quickly scalable liquidity provided by a trusted bullion expert.
“We’ve successfully combined the security, transparency, and efficiency of the blockchain with the world’s oldest and most trusted forms of monetary value in their physical form.
“That we have done this within the stable and high regulatory environment of Australia makes these cryptocurrency tokens uniquely safe.”
Mr Engeman said Gold & Silver Standard cryptocurrency tokens were unique due to being fully backed by real physical gold and silver bullion already vaulted, insured and verified in the high regulatory, geopolitically safe environment of Australia.
“Each gold and silver token equals one gram of each metal with their price pegged to the spot price of each metal,” he said. “Both tokens are redeemable for gold and silver bullion through Ainslie at no charge and the bullion can be delivered anywhere in Australia.
“Gold & Silver Standard represent an unmatched ability to cost-effectively build a holding of gold or silver without the cost and logistics of freight and storage. “All the bullion backing the tokens is already stored in Australia’s largest high security vault, Reserve Vault, insured by the world’s leading insurer, and verified by global audit and assurance firm, BDO.
“Every bar has a unique serial number linked to a blockchain transaction ID when it is minted and burned and at any time, anyone can verify that the number of grams tokenised equals the number of grams vaulted.”
Mr Engeman said gold and silver were up 20 per cent this year, having surpassed all-time record highs in Australian dollars amid growing global economic and geopolitical uncertainty.
“The price surge in gold and silver over the last month has come off the back of growing concerns around the global economy, US-China trade war, Central Bank monetary policy seeing a record $17 trillion in negative yielding bonds around the world, the US Federal Government commencing rate cuts, and the Chinese Yuan devaluation shock,” he said.
“While at all-time highs in Australian dollar terms, gold in US dollars still only half-way back from its previous highs during the European debt crisis, and silver even further from previous highs.
“The prospect of this USD gold and silver rally just taking off, combined with possibly further Australian dollar declines, has Australian gold and silver investors very excited.
“With both gold and silver up around 20 per cent already this year, both precious metals have outperformed the ASX200, and that is before any major market shocks have been felt.”