Faster, Safer, More Affordable than Physical Gold
I saw this image while visiting the website of Provident Metals. I like to check in from time to time to see pricing and admire of them their new offerings. As soon as I saw the image, it caught my attention. And I immediately began evaluating what they were saying...
"A Faster, Safer, More Affordable Solution To Buying And Selling Physical Gold"
That's the tagline. Here's what I think they're trying to say:
Buying physical gold takes too long. If you choose to visit a local coin store, that takes too much time. If you place an order online, that takes too long... even if you pay with crypto and the order ships the next day. You need it NOW!
Items get lost in shipping, and even if the company will replace the lost package, you're without the metals in the meantime. Or the package could be stolen off your doorstep. Or your house could be robbed. Or the storage facility where you store your precious metals could be robbed. Physical isn't safe.
Buying physical gold is too expensive. You have to save enough to buy a whole coin, and then you have to pay for shipping. It's too complicated and costly.
Here's more of their sales pitch:
Enjoy the Speed and Accuracy of electronic trading
It's stored, insured, and guaranteed by the Royal Canadian Mint!
Here's my favorite graphic. This explains all the reasons why physical gold is bad and you should trust someone else to hold your money.
- Do I really have direct ownership with DCGold?
- Pulling out my gold coins and looking at their beautiful shininess IS difficult for me. I hate seeing how pretty it is. I'd rather trust a "blockchain" because anything that says "blockchain" is immediately trustworthy.
- And the RCM will send it to me at any time? Even if Canada and/or the USA are confiscating gold?
- How do you buy 1/1000th of an ounce of gold? What does that look like? Can you show me a picture?
- Wait, why would I need to "REDEEM for physical metal?" I thought I had "100% direct ownership of pure physical gold?"
Thoughts?
Yeah, so I was all over the board there. Hopefully you picked up on the heavy doses of sarcasm. I did jump back and forth from farcically endorsing the service to mocking it, but you get the idea. Maybe I misunderstood and got it all wrong though. If you own gold/silver or if you're planning on buying precious metals, what do you think?
What are your thoughts?
Had you seen this advertisement before?
Are you planning on using a service like this for your investing?
If you don't hold it, you don't have it.
Makes sense to me.
If you don't hold it, you don't own it.
It is prudent to have a diversified portfolio. Most stackers do not have everything in their stack. Some say that your precious metals stack should be about 25-35% of your total portfolio.
I agree with you there. It's much more difficult to take it from you if you have it in your possession.
The question is "what to invest in other than precious metals." The stock market is at all time highs, or at least near them. Real estate is also at very high levels, much higher than we saw even in 2008. It's tough to tell. Care to share some of your secrets? :D
The Queen OWNS Canada, No Thank You Provident Metals I will PASS on Your New way to buy Paper Metals..............
Wait, so you're saying that the woman whose picture is on the back of the currency owns the country? So many people don't seem to get that.
I like your strategy.
Physical in your possession.......
howdy sir noname! man, I hope people don't fall for this!
Thanks, man. I don't know. It could be a good idea, but my personal sense is that it's not. It's just another way of selling paper metals that might not be there when you need them.
Bix Weir says that when things really go south, the people guarding your gold will likely abscond with it and run way. I wouldn't doubt it!
I would tend to think that you're right. Another option is that the governments decide to confiscate the gold, and whatever company is holding the gold would likely just turn it over to them. Either way, you probably wouldn't get your money.
interesting! i just read another post talking about this- oddly just right next to yours in my feed :) and i have to say, i think i like my goal within reach in case of the shit really hitting the fan! interesting idea backed with blockchain transaction tho!
That's interesting that someone else was posting about it as well. Who was it? They sound like someone that I might enjoy knowing.
There certainly is something to be said for actually having physical possession of it. It means that you don't have to worry about someone actually following through on their promises to deliver it to you.
the one and only @indigoocean! :D
Ahh, right on!
Looks bold and elegant :-)
Could you expand on that?
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