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Author Topic: ⚡️⚡️⚡️[ANN]GoldMint - ICO is over. $7.3M collected.⚡️⚡️⚡️  (Read 167493 times)
makemebeat
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October 10, 2017, 06:06:20 AM
 #2861

how is the gold asset backed by gold?
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October 10, 2017, 06:15:49 AM
 #2862

what is an etf and how can it back gold?
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October 10, 2017, 06:20:37 AM
 #2863

where does goldmint store its physical gold and which etfs back gold cryptoassets?
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October 10, 2017, 06:25:17 AM
 #2864

I'm in. Good luck everyone
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October 10, 2017, 06:30:28 AM
 #2865

Greetings!

how is the gold asset backed by gold?

All of GoldMint's GOLD is backed by the reserves of physical gold or ETF that GoldMint has in its reserves. If there's not enough gold in GoldMint reserves, the company buys extra gold or ETFs in Switzerland.

what is an etf and how can it back gold?

An ETF, or exchange-traded fund, is a marketable security that tracks an index, a commodity, bonds, or a basket of assets like an index fund. Unlike mutual funds, an ETF trades like a common stock on a stock exchange. ETFs offer low-cost diversification, trading and arbitrage options. New ETFs range from several dozen to hundreds in any particular year. They can be used to back GOLD, since there is a high demand for ETFs in the gold market. Top ETFs for gold can be found on ETFDB.

where does goldmint store its physical gold and which etfs back gold cryptoassets?

GoldMint's gold is locked up in its storage reserves. The amount of gold and the ratings of this gold are confirmed by bank statements which are uploaded in the GoldMint blockchain to guarantee transparency.

With regards,
team GOLDMINT

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October 10, 2017, 06:49:01 AM
 #2866

could you give us an example number of the cost storing gold? (e.g. in the usa or switzerland)
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October 10, 2017, 06:53:19 AM
 #2867

will there be any auditing of goldmint assets?
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October 10, 2017, 07:16:23 AM
 #2868

how can i buy gold?
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October 10, 2017, 07:27:24 AM
 #2869

Great! were and when it will be listed
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October 10, 2017, 07:30:51 AM
 #2870

Greetings!

could you give us an example number of the cost storing gold? (e.g. in the usa or switzerland)

The average fee for storing physical gold is 0,25% from its estimated value a year.

will there be any auditing of goldmint assets?

An auditor from an objective TOP 100 audit company checks GoldMint's accounts each month and confirms that its gold reserves tally with its accounts and with its GOLD emission. On top of that, GoldMint has its own GoldMint internal auditor check its accounts several times a month.

how can i buy gold?

People who want to trade GOLD for fiat or cryptocurrency need to undergo GoldMint's KYC procedure. You can also get GOLD when you transfer your physical gold to Custody Bot or to GoldMint’s partner banks.

With regards,
team GOLDMINT

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October 10, 2017, 07:36:55 AM
 #2871

some people may wonder if they can exchange the gold token with the real gold bars. how are you going to explain this?
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October 10, 2017, 07:45:01 AM
 #2872

what can i do with gold assets?
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October 10, 2017, 07:49:07 AM
 #2873

how is gold emitted?
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October 10, 2017, 08:00:41 AM
 #2874

stay tuned. waiting bounty fb and twitter has started.
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October 10, 2017, 08:13:35 AM
 #2875

Greetings!

some people may wonder if they can exchange the gold token with the real gold bars. how are you going to explain this?

The price of one GOLD equals one ounce of physical gold on the LBMA. Applicants who want to trade GOLD for fiat need to undergo GoldMint's KYC procedure. If accepted, the applicant’s GOLD cryptoasset is transferred from his, or her, GoldMint wallet to a special GoldMint account and is converted to fiat. GoldMint sends this fiat to the applicant. So, the price with commissions you receive for buying GOLD is LBMA + 5%, selling - LBMA + 2%. Therefore the way fiat => GOLD => fiat will be 3%.

what can i do with gold assets?

You can use GOLD assets for the following:
Exchange fiat to cryptocurrency - Right now the fiat-cryptocurrency exchange market exceeds $400 million. Experts predict that this will reach billions once banks regulate the cryptocurrency industry.
Hedge volatility risks - Traders and other cryptocurrency users can hedge their gold commodity with GOLD on any cryptocurrency trading exchange, without leaving that particular platform. Traders can also diversify their trading portfolio with GOLD assets.
Payroll unit- Given its low volatility, you may prefer GOLD to BTC and altcoins for paying employees. Because of its low commissions, high speed, and affordability (no extra charges for transborder payments), you can also use GOLD instead of fiat for regular deals.
ICO currency - ICOs can ask for GOLD donations instead of regular cryptocurrency funds to hedge the high volatility risks that tend to accompany cryptocurrency.
Buy and transport physical gold - You can convert your physical gold into GOLD in any bank that uses the GoldMint blockchain platform. This not only protects cross-country gold transportation but also simplifies the process.

how is gold emitted?

The amount of GOLD that is emitted depends on the amount of physical gold and ETF backing that GoldMint has in its reserves. The amount of GOLD in circulation can never exceed GoldMAn's reserves of physical gold.

With regards,
team GOLDMINT

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October 10, 2017, 08:23:21 AM
 #2876

which is the maximum amount of gold emitted?
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October 10, 2017, 08:38:49 AM
 #2877

what are the commissions for transactions in gold?
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October 10, 2017, 08:46:30 AM
 #2878

do gold commissions depend on the country/citizenship?
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October 10, 2017, 08:52:52 AM
 #2879

Interesting... Watching!
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October 10, 2017, 08:58:54 AM
 #2880

Greetings!

which is the maximum amount of gold emitted?

The amount of GOLD emitted depends on (a) the validation of deal/ details stored in the blockchain and (b) on the authenticity and value of gold inspected by Custody Bot.

what are the commissions for transactions in gold?

Most times, when a person buys GOLD for fiat, the price for GOLD will be LBMA + 5%. When they want to sell their GOLD, the price will be LBMA +3%. The commission for managing gold is 0.2-0.8% per annum, depending on gold volatility and investor traffic. After analyzing the correlation between the value of gold and the stock price of the three largest ETFs - the GLD (announced expense ratio 0.4% ), the IAU ( 0.25% ) and SGOL ( 0.39% ) - we estimate that the real backlog of ETF shares in physical gold is about 0.7% (prices are taken from COMEX on the LME ).

do gold commissions depend on the country/citizenship?

No. Rather, commissions and broker commissions are taken into account in calculating our commissions for GOLD.

With regards,
team GOLDMINT

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