What do you think of INNCoins?

[jwoodie]

Anthem Vault has launched the first digital currency backed by physical gold, making it a more secure medium of exchange than Bitcoins, etc. Do you think this will work?

 

[Manonthestreet]

Why not just buy the gold?

 

[jwoodie]

Buying gold involves storage and transaction costs, as well as being tied to the dollar. INNCoins are more like an inflation-protected money market account that is not tied to any particular currency.

 

[dadsgm]

Following the price of gold per ounce daily and being aware of what the US Mint charges per 1oz coin and then checking viable/trusted gold coin dealers to compare prices you can make wise purchases. Purchasing the 1oz coins in either mint condition proof or uncirculated from the US Mint or uncirculated or graded gold coins from dealers is a good way to purchase and own.
Storing is relatively easy in a personal safe or safe deposit box. And no one knows or tracks the purchase. It is not taxed like stocks, bonds, municipal funds, etc. It is yours for a long term investment known only to you and who ever you leave it to.

 

[percysunshine]

Sooo...the basic question is, "Can I trust INNCoins to have the gold, and can I get to it if they go bankrupt?".

Of course, there is a secondary question of whether or not the US Treasury is more, or less, trustworthy...but that is beside the point.

.

 

[jwoodie]

Following the price of gold per ounce daily and being aware of what the US Mint charges per 1oz coin and then checking viable/trusted gold coin dealers to compare prices you can make wise purchases. Purchasing the 1oz coins in either mint condition proof or uncirculated from the US Mint or uncirculated or graded gold coins from dealers is a good way to purchase and own.
Storing is relatively easy in a personal safe or safe deposit box. And no one knows or tracks the purchase. It is not taxed like stocks, bonds, municipal funds, etc. It is yours for a long term investment known only to you and who ever you leave it to.

$1700 per oz. is one hell of a markup!

 

[westwall]

Buying gold involves storage and transaction costs, as well as being tied to the dollar. INNCoins are more like an inflation-protected money market account that is not tied to any particular currency.

I can guarantee you that there is a coin shop within 100 miles of you. Research the prices on bullion so you know where it's at and then buy that when you travel to that area on a shopping or business trip. You would be shocked at how reasonable the prices are.
I shop down in Reno at Northern Nevada Coin and they price at, or sometimes just below, Spot for their good customers.