Author Topic: Something is afoot  (Read 951 times)

Offline Ellipses

  • Hero Member
  • *****
  • Join Date: Mar 2013
  • Posts: 706
  • Country: gb
  • Karma: +54/-0
  • 'Layman' economist
    • View Profile
Something is afoot
« on: June 02, 2015, 05:28:24 AM »
Consumers in the UK will be able to buy tiny fractions of gold bars from the Royal Mint, with prices starting at £20, as part of its new service which promises to open up the world of gold trading.

The Mint said its new signature gold service will allow customers to buy gold in "quantities to suit all budgets", allowing them to purchase and own a fractional amount of a 400oz gold bar.

The Mint, which has a 1,000-year history of producing British coinage, launched a bullion trading website last autumn - enabling customers to buy, store and sell bullion directly from the Mint.

The new signature gold service will expand on this, but rather than buying a coin or a bar outright, people will also now be able to buy gold based on value rather than weight, with entry level starting at £20.

All bullion purchased via signature gold will be stored in "the vault" - the Royal Mint's on-site precious storage facility which is protected around the clock by the Ministry of Defence.   ;D
 
The Mint will charge a "management fee" for signature gold customers of 0.5% plus VAT per year based on the value of the customer's gold holding being stored. The Mint said the fee covers the cost of holding the gold in a high-security vault, insurance and administration costs.

The Royal Mint said customers will hold full legal title over every ounce of gold they purchase and can buy and sell it back to the Royal Mint as they choose.  Hey, trade your cash for units of 'signature gold'.... A return to a form  of  'gold standard' in a potentially cashless society ... operated strictly on their terms?

In addition to this, the UK Government is busily engaged in hiving off any and all of the shares it owns in the UK's 'big four' banks.  Do they know a fire sale could shortly be in the offing?
« Last Edit: June 02, 2015, 05:32:04 AM by Ellipses »