The Safest Way to Buy Gold

Image: Novem Gold

Gold has been used to represent value for thousands of years. It is one of the oldest and safest investments known to mankind, far safer than any stock or bond has ever been throughout history.

There is more than history going for it. If you add up all the gold in the world, its collective value is near or above $7 trillion dollars. With so much on the line, anything that makes the use of gold safer, more efficient, or more ubiquitous could be a huge driver of economic growth.

There have been some problems with transacting in gold over the years, slowing down the use of this wonderful asset. Blockchain could offer solutions to those problems.

Problems with gold retail

A big challenge when transacting gold is transportation and verification of the asset. If one wants to sell gold, they must verify the quality of the gold and then get it into the hands of the other party. Compared to other forms of money, gold can be inefficient in its current form.

There are also security and control issues. People who live under repressive governments may not be able to cross the border with a stash of physical gold. Even for those who live in first world nations, not everyone wants to trust a bank with their gold. On the other hand, keeping a large quantity of gold at home could attract undesirable attention from thieves.

On the industrial side, any company that wishes to buy or sell large amounts of gold has to deal with large-scale logistical and verification issues. In the year 2019, should there not be a better way to trade gold?

How blockchain changes the gold experience?

The blockchain is a new technology that solves these problems and adds value throughout the transaction chain. By creating a trustless system whereby any interested party can buy or sell blockchain tokens that represent gold, gold can become frictionless.

Transactions can be cleared in seconds with no physical assets needing to move around. The risk of being defrauded with poor quality gold goes away since all tokens represent gold from the same secure stash held in Switzerland. Transacting at any scale can be done instantly and without hassle.

The future of gold

As blockchain technology matures and more people become accustomed to using gold-backed tokens, new opportunities will arise. More people will want to engage with gold as an asset class.

Novem is leading the charge to create a useful and reliable blockchain infrastructure for transacting and holding gold. With two tokens created upon the NEO platform, our “999.9” tokens represent and are redeemable for real gold. With 100 tokens representing one gram of real gold, and with physical certificates available for token holders, this is one of the first serious platforms in the space of gold-backed tokens.

It is undeniable that gold will be traded more and more via blockchains as time goes on. This is simply a better way to do business with gold.

By creating this new financial infrastructure, Novem is ushering in the future of gold and is doing it better than any other gold token with certified secure storage, market rates, third-party auditing — and is adhering to world recognised gold standards — making it even safer than buying jewellery or gold bullion.

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