Please add Gold as a currency


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, 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 lists gold (XAU), sIlver (XAG), platinum (XPT) and palladium (XPD) as currencies.


Great question!

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 :wink:


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.


Those who worry about liquidity of physical gold, should not. There is a reason why gold trading dealers sprung up all over the world after the last financial crisis. The trick is to find reliable one that will offer fair price to you. It isn’t that difficult and virtually anyone can do at least basic research in the era of the Internet to avoid getting ripped off.

As for the paper gold, you will learn the value of it when the cataclysmic economic event happens. With a large dose of certainty I can tell you it will be worth pretty much the value of paper on which your right to own it is printed. The spread on physical gold will be the least of your worry at that time as the price increase will fully eliminate it when you decide to sell.

Investors in gold need the learn from the history to be informed about the future. Not a single time in history, gold storing companies had full back up for gold ownership certificates they issue. In case of even minor run they always get exposed and it ends up with hundreds of investors nervously waiting outside their company headquarters. There were tens of gold Ponzi schemes in history of investing with the latest one in Europe being Amber Gold in Poland.

As for Gold ETFs, they are not really protecting you against anything. Gold ETFs don’t give you exposure to gold. When you invest in a gold ETF, you are a shareholder of the trust, not a gold holder. Ironically, the price of gold could be skyrocketing and the ETFs could be going bankrupt at the same time. Gold’s main benefit is being the only financial asset that is not somebody else’s liability. Therefore buying ETS removes the most important function of gold.

Folks need to first invest in learning about how physical gold and its derivatives function. Only then they should invest in gold when they fully comprehend what they are getting into.

When you are buying physical gold, you are buying freedom - freedom from banking cartel and government meddling. If you want to make money from investing or speculating, there are better financial instruments than gold.