SI
SI
discoversearch

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor.  We ask that you disable ad blocking while on Silicon Investor in the best interests of our community.  If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.
Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  
To: Claude Cormier who wrote (30533)4/14/2005 12:58:23 PM
From: Tommaso  Read Replies (2) of 110194
 
>>>You say banks have been there for 500 years. Well gold has been there for much longer. And Goldmoney is gold.<<<

Oh come on, Claude, you know what I mean. Banks all started much like Goldmoney, issuing receipts for gold in the safe of the goldsmith, or factor, or after a while, the money lender.

Goldmoney is no more gold than gold-backed bank notes or gold-backed money was gold. It is simply a revival of old-fashioned banking, but without the government controls or inspections that eventually were imposed on banks.

I only recently learned about the service in Scotland a couple of hundred years ago, where a coach carrying gold bullion galloped ahead of the bank inspectors so that each bank they visited could produce the necessary bullion to prove they were solvent.

I did go back and study the Goldmoney site again (right after I posted to you) and they certainly do try to reassure you that everything is exactly as claimed and is perfectly safe. And it may well be.

But for my own gold holdings, I am going to stick with the Krugerrands, Maple Leafs, and some oddball collectible pieces that fell into my hands.

I think Goldmoney is a wonderful idea and am pretty sure that it is perfectly sound and honest. But I do think that it is essentially a revival of the older banking systems. I sure do wish the Swiss had not dropped their 100% gold backing. Do you happen to know what percentage of gold they still have behind the Swiss Franc, if any?
Report TOU ViolationShare This Post
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  

HomeMailHotSubjectMarksPeopleMarksKeepersSettings
Terms Of UseContact UsCopyright/IP PolicyPrivacy PolicyAbout UsFAQAdvertise on SI
© 2025 Knight Sac Media.  Data provided by Twelve Data, Alpha Vantage, and CityFALCON News