ALT Coin discussion

dirkmirk · Mar 3, 2020

The Perth Mint Gold Token (PMGT), the world’s first sovereign gold digital token, started trading this week on the KuCoin cryptocurrency exchange.

Each token is underpinned 1:1 by Perth Mint digital GoldPass certificates, which represent physical gold held in storage at the organization. In addition, the weight and purity of every ounce of gold anchoring PMGT is assured by the Mint’s sovereign owner, the Government of Western Australia.

THE PERTH MINT IS THE WORLD’S LARGEST REFINER OF NEWLY MINED GOLD

“With zero fees for custody, storage, insurance and management, PMGT is a cost-effective gold asset and a competitive alternative to traditional gold products, like gold ETFs, banked gold transfers and more,” the Mint said in a press release. “PMGT is also fungible with traditional gold markets, for example, CME gold futures and the interbank Loco London Swap market.”

According to the WA institution, the amount of gold backing each PMGT can be verified in real-time against the gold holding balance of InfiniGold’s GoldPass accounts published by The Perth Mint. This can be done without having to wait for monthly audits to see that the tokens are 100% fully backed.

“As The Perth Mint is the largest refinery of newly mined gold in the world, we’ve got an unprecedented depth of liquidity to bring to the market with the Perth Mint Gold Token,” said Andreas Ruf, CEO of InfiniGold, the commodities digitization company that developed the GoldPass. “We haven’t simply purchased a couple of gold bars, put them in a vault and then tokenised them. We can tap into billions of dollars worth of gold stored at The Perth Mint.”
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https://www.mining.com/perth-mint-gold-token-starts-trading-on-cryptocurrency-exchange/

Would any of you guys trade into PMGT?

Honestly IF I was looking for a "stable coin" I would prefer to trade into something like PMGT, actually specifically that coin.

Whats the alternative Tether or USD on exchange?

So if your one of those doomsdayers you dont really want USD or a tether token but the reality is you need trust for any of those assets on exchange, I'll take the perth mint as far as trust goes but I dont see gold as a bad investment either way.

Could this token be bullish for gold or shall I say help to increase demand if only a little? WHo knows.

whatdoesthisdo · Mar 18, 2020

Jeezus, were you asleep during bitconnect and tried to make up for missing out on all these trash.

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