Paper Bullion Bank Bill has always faced competing products. There are gold-based credit cards, where you have a stock of gold in a custody account, and then as you spend cash with your credit card, part of your gold bullion is sold off to pay your debt.
Now comes Vaultchain by Kitco, which has been a long-standing player in the gold bullion business. This approach uses blockchain to serve as a ledger for trades in gold that is held in bullion form in a vault in a bank. The trades are done and recorded digitally in the ledger, and the gold can be demanded for physical delivery if you so desire.
This is a more real version of Bitcoin, which is a pure Ponzi Scheme, utterly unreal, based on absolutely nothing whatsoever. Bit coins only have value because humans can be persuaded to place value on them. This was done by very wealthy people, in a fairly tight circle, who bid the value of bitcoins up after making major investments in bitcoin as a technology and as a business.
Vaultchain and bitcoins are not maintained by a magic computer in the sky that costs nothing to operate. Both of these systems require miners or tenders or minders to make sure the ledger stays current and accurate.
By contrast, once you own a Paper Bullion Bank Bill, there is nothing that needs to be done by anybody or anything to maintain in being the value of your bank bill. You don’t have to ask for delivery of your gold. You have it right there in your hand. It’s in the bank bill, enmeshed in the paper as fine particles. You can burn off the paper and have your metallic gold anytime you want to. There is not law against destroying a paper bullion bank bill. The value document was created so you can have it authenticated quickly and cheaply, or you can just take your gold by burning off the paper, or you can come into a branch of a participating bank, and we will give you a gold round in exchange for your authenticated paper bullion bank bill, which we can authenticate right there in the branch.
Time brings changes. Particularly to brittle, fragile, internet based systems that are heavily dependent on miners, minder, tenders, and maintainers. The moment those people can’t be paid, for any reason, strike, war, earthquake, flood, power outage, business collapse, illness, civil disorder, etc etc etc …. your asset, which depends on the internet functioning perfectly, and on humans to tend the ledger, is gone. Poof! Gone.
I have always avoided becoming a gold recommender from an investment perspective. As an investment, gold will disappoint you at least half the time, if your idea is to buy low and sell high. Gold is good for one thing and that is to assure that SOME of the buying power you have today can be carried forward into the future no matter what happens.
In practical terms, this means that if you have several million dollars today, and you put a goodly chuck of that into paper bullion bank bills, or just plain gold bullion, or Canada Maple Leafs, you will not be poor in your old age, even if you live a fairly long time, as long as your spending is kept within prudent limits.
Gold is often not a good buy low sell high investment, but it’s a great hedge against a world in which the wheels come off and the whole thing becomes a runaway beer truck. With gold, you will eat, and have a place to stay, and pay for your medical and travel costs. That is the only basis for gold ownership. It’s a hedge against catastrophic change that can arrive along 100 axises from any direction like bogies coming at a fighter pilot in the sky.
Within the framework of gold as a strategic hedge, rather than as a day trader commodity play, my product remains the best in the world in spite of new competitors arriving every day, all of whom I welcome. Good for them. I hope we all do well, and do good.
Please go to patentsgazette.uspto.gov and go to “Browse Granted Patents” and then to January 08, 2019 (No. 1458-2)
If you want to know more about my other inventions stayed tuned at robertfentongary.com
And read my posts at LinkedIn, and Google+, and Facebook
I want to sell my patent to a big US bank, or any big bank. If you can hook me up with a buyer, who has $8 million (or at least $16 million after 1 April 2019), please do so.
My name is Robert Fenton Gary, and I live in Hagerstown Maryland.