I wouldn’t be buying gold in say the EU, UK, US.
Friend recently (6 months back) converted his entire life savings into gold in Europe.
Didn’t seem to understand it’s trapped in the system and he should have moved his funds to Asia where he lives and has lived for 25 yrs - and convert to physical.
If there is a gold seizure in Europe it will be seized and with the debts and collapse of the EU pretty much set - I can’t see how he will have anything but a worthless claim at the relevant time.
Others say the caymans - that’s on Americas doorstep - in a chaotic world those will be seized.
Others say Dubai - perhaps - I think it’s generally against Islam to steal - so that will be tested.
Why avoid Tether Gold?
Do you think it's less reliable than Tether USDT?
Because either their record search system isn’t in sync, or they are not backed.
Cache Gold is gone...
Occurred around the time the Chinese were laundering into Singapore, so the AML division in Singapore started pushing through new laws into the all assets and that seeped into metals and Cache didn't make enough money to cover the increased overheads so ceased ops.
PAXG is 'ok' only issue.
- Gold Ban Potential Seizure.
- Gold Can't be converted to physical redemption easily due to the size of the bars.
- On-Chain Blacklist/Freezing (think potential forced KYC).
Tether Gold | I'd steer clear of.
Can confirm they had no issues settling of redemption on ceased operations.
- No fraud.
Also arguably their technology was pioneering.
Quite a few new ones have sprung up.
But in a world of sovereign defaults and authoritarian rule - and the collapse of Switzerland as a safe haven - that leaves very few jurisdictions that can protect by rule of law whilst having also a military sting if confronted - namely that leaves Singapore - and I’d recommend only physical bullion opposed to on-chain in the world we are living.
One other thing on paxos
Not sure where I read it but my understanding is it’s related to some questionable banks in the Caribbean known to be related to the guy that did banking for SBF there.
More on the Dubai one also - geopolitically they are protected for which ever power is vying for coercive control in the region.
In a chaotic world that’s gonna be up for grabs and perhaps from that perspective the risk is very high.
Also one thing of note - it appears what ever happens in the future we will have a CBDC of sorts.
Even with a collapse and rebirth that appears set in because any new governments that come out of the ashes even in the worst case scenarios will want absolute control.
Even holding billion physically in the West will be problematic converting into that system IMO.
Then there’s the elephant in the room - deflation
In Japan there’s places you can pick up a home and acres of land for about 10k
That’s what a world of deflation looks like as demographics collapse and assets de-freeze and supply outstrips demand.
Not entirely sure the impact that will have on gold over the next 20 yrs when considering that and the fact that the world will continue to evolve digitally.
Perhaps gold finally ceases to be a store of value and an item of a fixed supply at a lower supply amount becomes the defacto replacement - ergo Bitcoin.
Also people don’t realize just how much gold is in jewelry that will come onto the bullion markets in the future I.e that has been locked up for generations - I see this personally twice.
- friends mother died he had gold glasses through to chains and rings - his wife had no interest in as gold is out of style or demand
- my mother passed and she had draws of jewelry built up and passed down generations (Romani-Jew) yet none of us really wear gold in our generation so apart from token pieces it was all vaulted, but for many they will just scrap for the value.
So I see a mass flush of scrap coming into the markets as my generation disbands with heirlooms in the west
paxos.com
