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QEHedge
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January 17, 2020, 01:48:16 AM
 #1

Hi everyone. I'm looking for a company that will convert BTC to Gold. (Or precious metals such as Platinum / Silver etc)

Example , If BTC is worth 100K USD , Then i'd be able to transfer my BTC to them for 2KG of gold. (Assuming Gold Spot Price is 50k USD)

is there any companies that are able to do this? I remember GoldMoney backed by Sprott Capital but they no longer have the option of doing the exchange anymore.

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January 17, 2020, 06:56:08 AM
 #2

So you are expecting to send BTC to some "company's wallet" (non-reversible transaction) and wait for them to send you real gold with some shipping/delivery system?This is a really scam-friendly business model and nobody would risk his bitcoins in such transaction.There's no company that can possibly build such level of trust,so people could safely send their bitcoins and expect real gold to arrive at their doors. Grin

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January 17, 2020, 09:35:42 AM
 #3

Thata a hard to crypto transaction though. Without anything similar to a contract, which is a hassle imo, makes such exchanges pretty hard to continue or manage at least. Did a bit of researching, vaultoro seems to be one exchange that handles gold. Idk about its legitimacy but based on a quick search of reviews about it, the site seems pretty legit.

Haven't used it so I can't offer any solid experience about it though. Sorry bout that.

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QEHedge
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January 17, 2020, 01:40:44 PM
 #4

So you are expecting to send BTC to some "company's wallet" (non-reversible transaction) and wait for them to send you real gold with some shipping/delivery system?This is a really scam-friendly business model and nobody would risk his bitcoins in such transaction.There's no company that can possibly build such level of trust,so people could safely send their bitcoins and expect real gold to arrive at their doors. Grin

I'd assume that there is some form of escrow involved before the transaction has been completed. It's understandable why it would be concern but escrow please! Cheesy

Thata a hard to crypto transaction though. Without anything similar to a contract, which is a hassle imo, makes such exchanges pretty hard to continue or manage at least. Did a bit of researching, vaultoro seems to be one exchange that handles gold. Idk about its legitimacy but based on a quick search of reviews about it, the site seems pretty legit.

Haven't used it so I can't offer any solid experience about it though. Sorry bout that.

I appreciate the help. Vaultoro is the only options at this moment that i can see that does this , but i'm looking for different companies. I appreciate the help nonetheless.
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January 17, 2020, 03:03:45 PM
 #5

Note that the companies I'm listing are just some I looked up. Dunno if they have good reputation and they actually do what the information says about them. Found a few, vaultoro included in them
GoldSilver Company, HQ is in NYC and ships to most countries. There's also MoneyMetal, HQ is at Eagle Idaho and Ships to most countries as well. If you're only buying small amounts, SDBullion since they offer one of the lowest order minimums out there, and has free shipping. Though based on what I read, the lowest order minimum they have needs you to buy it in US.

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January 17, 2020, 03:37:24 PM
 #6

Finding Bitcoin to gold and other valuable metals exchange is possible, you need to explore much and search through all possible source available. In my understanding if you're good enough to deal with darkweb market then you can get it done easily. Apart from this finding a person who wish to exchange gold/valuable metals in exchange of bitcoin with the help of escrow is the right choice. Beyond this few ico projects have backed with gold which means for the amount invested you'll be allotted specific volume of gold. I don't remember the name of the project.



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January 17, 2020, 03:44:48 PM
 #7

Hi everyone. I'm looking for a company that will convert BTC to Gold. (Or precious metals such as Platinum / Silver etc)

Example , If BTC is worth 100K USD , Then i'd be able to transfer my BTC to them for 2KG of gold. (Assuming Gold Spot Price is 50k USD)

is there any companies that are able to do this? I remember GoldMoney backed by Sprott Capital but they no longer have the option of doing the exchange anymore.

There are plenty of gold dealers trading in crypto. Some only in Bitcoin others in many altcoins. They usually give you discount when buy with crypto. Gold dealers were one of first merchants offering goods for crypto.

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January 17, 2020, 04:27:56 PM
 #8

Is this something related to how money works previously? When Fiat is backed by gold in a safe, and it should be 1:1 or something like that of value?

I searched this on the web and found PAXG. Paxos Gold and it's said that it's backed by gold. [1]

Basically, for me, this would be the case. You are going in for another middleman who is currently holding the actual gold, and you deposit the BTC. I'm not sure how they would account for the fluctuating price of BTC. But since it's a token, it's not directly correlating to the price of BTC. Like an ounce of that would amount to a certain PAXG amount.

With that, I don't like the idea that my BTC would be converted to another currency.



[1] - https://www.coindesk.com/paxos-launches-gold-backed-cryptocurrency


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January 17, 2020, 04:34:44 PM
 #9

You're looking to convert bitcoin into gold?  Veldt Gold buys and sells metals for crypto--I don't know if that's the kind of service you're looking for, but it sounds like it.  I've bought silver from them before, and though their prices aren't that great compared to Provident Metals, they are reliable.

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January 17, 2020, 09:32:07 PM
 #10

I googled about it and found this article: https://www.buybitcoinworldwide.com/buy-gold/bitcoin/ I do not know how reputable they are. I suggest you investigate before trade.

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January 18, 2020, 04:27:14 AM
 #11

Reality is that davis is right, you can't just send a company bitcoin and expect them to deliver gold to you, first and foremost there are international laws that bans movement of gold from one nation to another that easily, usually it takes a lot of customs to go through and 50% of them fail, you have to have a properly managed company that deals with such stuff on an international level already to go into crypto for something like that and I am afraid that doesn't exist right now.

Definitely, you could deal with just fiat transactions that is equal to gold, so a company holding gold for you but whenever you want to cash out they sell their gold in their nation and pay you the fiat equal price for it? That would be easier to handle at least and would be doable.

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January 18, 2020, 07:10:01 AM
 #12

To the OP, to my knowledge there is not investment firm or exchange that deals in cryptocurrency AND precious metals. There should be, but there isn't.

What's your investment scheme? How frequently do you plan to trade? If your base currency is USD there's not much difference then having two separate trading accounts (one for crypto and one for precious metals) where you're investing and divesting based of that USD base currency. Give it a thought. PM me if you want to chat more about it.

 
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January 18, 2020, 07:37:17 AM
 #13

Do you mean to buy gold with bitcoin? I think if that's what you mean, there are many services that provide that. Like this site https://www.bitcongress.org/bitcoin/exchanges/buy-gold-silver-with-bitcoin/ there are many sites that you mean, but I did not analyze more good sites there, so I hope you can analyze the site again in the article, hopefully it helps.

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January 18, 2020, 09:29:37 AM
 #14

I've seen this website that lists the three websites where you can buy gold with bitcoin.

https://www.smartbitcoininvestments.com/buy-gold-with-bitcoin/

However, I agree to this

So you are expecting to send BTC to some "company's wallet" (non-reversible transaction) and wait for them to send you real gold with some shipping/delivery system?This is a really scam-friendly business model and nobody would risk his bitcoins in such transaction.There's no company that can possibly build such level of trust,so people could safely send their bitcoins and expect real gold to arrive at their doors. Grin

@OP you should consider what he said.

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January 18, 2020, 02:47:12 PM
 #15

Note that the companies I'm listing are just some I looked up. Dunno if they have good reputation and they actually do what the information says about them. Found a few, vaultoro included in them
GoldSilver Company, HQ is in NYC and ships to most countries. There's also MoneyMetal, HQ is at Eagle Idaho and Ships to most countries as well. If you're only buying small amounts, SDBullion since they offer one of the lowest order minimums out there, and has free shipping. Though based on what I read, the lowest order minimum they have needs you to buy it in US.

Thank you for this. I'll be doing my due diligence.

Is this something related to how money works previously? When Fiat is backed by gold in a safe, and it should be 1:1 or something like that of value?

I searched this on the web and found PAXG. Paxos Gold and it's said that it's backed by gold. [1]

Basically, for me, this would be the case. You are going in for another middleman who is currently holding the actual gold, and you deposit the BTC. I'm not sure how they would account for the fluctuating price of BTC. But since it's a token, it's not directly correlating to the price of BTC. Like an ounce of that would amount to a certain PAXG amount.

With that, I don't like the idea that my BTC would be converted to another currency.



[1] - https://www.coindesk.com/paxos-launches-gold-backed-cryptocurrency

I'd like physical gold , not a token. Unless of course , you can change the token directly into gold itself.  I'll be doing my due diligence. Thanks for this.

Reality is that davis is right, you can't just send a company bitcoin and expect them to deliver gold to you, first and foremost there are international laws that bans movement of gold from one nation to another that easily, usually it takes a lot of customs to go through and 50% of them fail, you have to have a properly managed company that deals with such stuff on an international level already to go into crypto for something like that and I am afraid that doesn't exist right now.

Definitely, you could deal with just fiat transactions that is equal to gold, so a company holding gold for you but whenever you want to cash out they sell their gold in their nation and pay you the fiat equal price for it? That would be easier to handle at least and would be doable.

Thats disappointing. I'd like my gold sent overseas but if the governments have a problem with what i'd like to do , then we will have issues. Disappointing how laws and regulations slow commerce Sad

To the OP, to my knowledge there is not investment firm or exchange that deals in cryptocurrency AND precious metals. There should be, but there isn't.

What's your investment scheme? How frequently do you plan to trade? If your base currency is USD there's not much difference then having two separate trading accounts (one for crypto and one for precious metals) where you're investing and divesting based of that USD base currency. Give it a thought. PM me if you want to chat more about it.

That's an interesting niche but i imagine with the volatility in Crypto markets , most people do not want to deal with this as the Price fluctuations would be a hassle especially with dealing with physical gold.

I mostly would do trades when BTC has risen in price as a hedge against Crypto and other financial markets. If China does enact their own gold backed cryptocurrency , then having gold to me would be a good hedge against USD Fiat currency.

We should connect. I'll contact you in PM. Thanks Myfe!

I've seen this website that lists the three websites where you can buy gold with bitcoin.

https://www.smartbitcoininvestments.com/buy-gold-with-bitcoin/

However, I agree to this

So you are expecting to send BTC to some "company's wallet" (non-reversible transaction) and wait for them to send you real gold with some shipping/delivery system?This is a really scam-friendly business model and nobody would risk his bitcoins in such transaction.There's no company that can possibly build such level of trust,so people could safely send their bitcoins and expect real gold to arrive at their doors. Grin

@OP you should consider what he said.

I'm assuming that there is form of escrow for this transaction and all transactions like it to ensure the delivery of physical gold , but with the laws and regulations , this might be a problem for me.

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January 19, 2020, 07:03:56 AM
 #16

Reality is that davis is right, you can't just send a company bitcoin and expect them to deliver gold to you, first and foremost there are international laws that bans movement of gold from one nation to another that easily, usually it takes a lot of customs to go through and 50% of them fail,

Nothing are instant when it comes to cryptocurrency, most probably there are no companies doing that for just one person like you because companies are also smart. They will not do something that they will not earn money or profit because of the things you want. In addition, there are really laws that prohibits converting digital money to gold and we all know that gold is very sensitive when it comes to government.

Definitely, you could deal with just fiat transactions that is equal to gold, so a company holding gold for you but whenever you want to cash out they sell their gold in their nation and pay you the fiat equal price for it? That would be easier to handle at least and would be doable.

But that is a long process that you should follow in order for you to achieve what you want in your bitcoin, It will take a lot of time and effort but if you really want that to happen. Do it now so that you can comfortably own your money peacefully.

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January 19, 2020, 07:10:34 AM
 #17

Just to ask here, are you talking about physical gold or digital gold (backed by physical gold)

If physical gold --> https://www.buybitcoinworldwide.com/buy-gold/bitcoin/ -- Pretty solid list of companies that accept BTC (and other cryptos) for precious metals purchases.

If digital gold --> I'd proceed with caution, though PAX GOLD does seem like one of the more legitimate players in the market.




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January 26, 2020, 11:48:04 PM
 #18

Hi everyone. I'm looking for a company that will convert BTC to Gold. (Or precious metals such as Platinum / Silver etc)

Example , If BTC is worth 100K USD , Then i'd be able to transfer my BTC to them for 2KG of gold. (Assuming Gold Spot Price is 50k USD)

is there any companies that are able to do this? I remember GoldMoney backed by Sprott Capital but they no longer have the option of doing the exchange anymore.



I know of a company called Goldguard. You can use BTC to purchase their Goldguard token,  then use their token to purchase gold in Dubai.
It is safe and reliable. And you can aswell contact them before embarking on the transaction for further clarification.
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February 10, 2020, 05:24:23 AM
 #19

If you want to buy gold with bitcoin, I would recommend GoldSilver, BitGild, Bullion Exchanges, JM Bullion, Money Metals Exchange, Golden Eagle Coin, or Provident Metals.

I believe all of these precious metals dealers accept bitcoin as payment and I think a few such as BitGild accept litecoin, ethereum and other altcoins.

Vaultoro is also a good option if you want to perform real-time BTC to Gold orders.

Just my two cents  Grin

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February 10, 2020, 07:19:58 AM
 #20

I think you can do that in digital gold for sure by exchanging your coins but if you want real gold then you would have to do it yourself because I don't think I know a company which is trustable and then comes the reputation , just encash the bitcoins and then convert them into gold with the help of local traders I think you can get profit so can they .
Try doing it from countries where the gold is really cheap , ordering online from Amazon is also an option but at the same time local traders have better rates.



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