Demand for Gold-Backed Tokens Brings Premiums as Precious Metal’s Value Jumps...
While stocks and cryptocurrency markets have floundered during the last week, the price of the precious metal gold has increased in value by 3.85% during the last seven days. An ounce of fine gold jumped from $1,826.92 on February 10, to $1,897.36 per ounce on February 19. Additionally, the top gold-backed crypto coins today have seen a significant increase in demand alongside premiums above the spot market price of gold. Gold Shines During Economic Uncertainty The world’s economy has been shaky and many are blaming the turmoil between Russia and Ukraine, and the....
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On August 4, the precious metals firm Kitco Gold announced the launch of a gold-backed stablecoin which will leverage an audit process via Cohen & Company with monthly attestation reports. Kitco has partnered with Tradewind Markets, First Digital Trust, and Stably, an asset tokenization provider. The gold-backed ERC20 tokens called “kitco gold (KGLD)” “represent one true, troy ounce of fine gold,” according to Kitco. Kitco Launches KGLD Token Backed by a Troy Ounce of .999 Gold In the seventies, Bart Kitner started trading gold with funds he got from a loan and....
A myriad of gold bugs like to compliment the yellow precious metal for its ostensible scarcity, as estimates say only 2,500 to 3,000 tons of new gold is produced annually. While new gold discoveries have seemingly slowed, investigative studies also show that in some areas, gold is being smuggled into the economy by the ton, and often never accounted for as far as per annum issuance estimates. Recently, reports show a whole mountain of gold was discovered in the Congo, as the Democratic Republic of the Congo is well known for being a region that sees tons of smuggled gold filtered into the....
While reserve-backed crypto assets and stablecoin market valuations increased a great deal during the last year, gold-backed cryptocurrencies have also seen their market caps swell. Between the tokens tether gold and pax gold, the market valuations of these two gold cryptos are nearing a billion dollars in value with $742 million today. Tether Gold’s Market Cap Swells Over 19,000% in Less Than 2 Years, While Pax Gold Increased by More Than 15,000% On February 21, 2020, the market valuation of tether gold (XAUT) was $2.1 million and 23 months later, the valuation has increased by....
Gold, which most investors and traders consider as the world’s safe haven asset, may be banned by India in the upcoming months. India is one of the largest gold importers around the world, purchasing around 700 tons of gold per year. Experts state that the demand for gold in India is higher than most assets and reserve currencies, arguably making gold the most valuable asset in the country. However, reports suggest that the government may be planning a ban on the importation of gold, as gold premiums reached two year highs this month. Chirag Thakkar, a director with Amrapali Group noted:....
Today DigitalTangible, a leading Bitcoin-Gold platform and precious metals custodian, announced their partnership with Amagi Metals, a gold bullion dealer. Together the two have created a trading platform for physical gold, cash and Bitcoin. The CEO of Amagi Metals, Stephan Macaskill, made the announcement with DigitalTangible saying, "We are thrilled to be working with DigitalTangible. Our competitive premiums matched with their efficient service leveraging the Bitcoin Blockchain helps gold buyers worldwide meet financial goals. No one wants to work with a third party anymore. Bitcoin is....