As used by all central banks and has been used for thousands of years the ultimate safe haven. If revolut added it would lessen the competition from services such as goldmoney glint and uphold
I find this idea very appealing. Right now In order to trade gold I use goldmoney.com, if there was an alternative to them in form of Revolut that would be a game changer!
Also I would be more than happy to pay for an upkeep of my gold in vault, just like in goldmoney platform.
Or other “precious metal” (sry, don’t know the correct translation: Edelmetalle, like gold, silver, titan aso)…
Correct me if I’m wrong, but are precious metals not more suited to investing and trading, rather than everyday banking?
Although interestingly xe.com lists gold (XAU), sIlver (XAG), platinum (XPT) and palladium (XPD) as currencies.
While trading on a stock exchange, you don’t really get a physical gold, but merely some financial instrument that represents it.
That is entirely different to what goldmoney service offers and what we are suggesting here - to be able to own real gold through Revolut stored somewhere and being able to retrieve it any time we wish to do so.
Before President Nixon, there used to be a gold standard which means that dollar was backed by (representing) real gold - you could go to the bank and ask them to give you that part of your gold that is represented by a given note.
Now we live in a fiat money world, where our money is just a piece of paper (or digits online), together with fractional reserve it is not really that reassuring to put it mildly
Revolut could even have a big business account with goldmoney so that the gold was physically backed but not redeemable. Just like they currently do with bitcoin now.
I leave implementation details to Revolut folks.
I really do believe that this feature + stocktrading would make Revolut a financal hub for many people.
Gold has many different uses in finance. That’s the reason behind several forms of gold existing. Physical gold is partially independent on global finance. It’s price is still dictated by the market. But physical gold is much less liquid than different forms of paper gold and has higher but and sell spread. Also you need to store it protected somewhere. Paper gold like ETF has valid uses like protection from devaluation or protection from inflation. All without hassle of storing and transporting the physical gold. I’d be happy to see gold ETF in Revolut even though I probably won’t use it myself a lot because of diversification reasons.
Even though I don’t understand anything about the subject I find this idea very interesting. Vouching.
This is a great idea. +1