Gold has long been touted as the investment of investments. Solid and stable through the worst economic times. But at over $500 USD an ounce, how does one invest in Gold without breaking the bank? One way that has caught the eye of CNNMoney is GoldMoney.com
New tools, however, open the current gold rush to all comers. One of the cheapest and easiest ways to play is through GoldMoney.com, a thoroughly Internet-age company created by James Turk, a longtime goldbug and former banker with Chase.
So how does it work?
GoldMoney is similar to online banking, except accounts are denominated in “goldgrams” and mils instead of dollars and cents (1,000 mils equals 1 gram). A typical gold bar weighs 400 ounces, which at current prices would fetch roughly $210,000. But GoldMoney lets customers buy any fraction of a bar. The gold is stored in a vault in London and insured by Lloyd’s, and since accounts are linked to the U.S. automated clearinghouse, GoldMoney can easily be converted to dollars and wired to any bank. Thanks to efficiencies of the Internet, GoldMoney’s exchange rate is just 2 percent over the spot price of gold–far below the markup on, say, gold coins bought through a broker. “Our goal is to bring gold down to the individual,” says Turk, 58.
GoldMoney.com could be the answer that many people are looking for. A solid investment choice that doesn’t depend on the fluctuations of the worldwide markets. They’ve even integrated in a process that allows for payments to be made from one GoldMoney user to another.
[tags]gold, invest, goldmoney[/tags]
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