Kitco and GoldMoney Establish Arrangement for Online Gold Transactions; Consumers Given Means to Buy & Sell Gold Online.Business & Technology Editors NEW YORK--(BUSINESS WIRE)--Sept. 17, 2002 Rectifying a long-ignored deficiency in the precious metals Precious Metals Valuable metals such as gold, iridium, palladium, platinum, and silver. Notes: Investing in precious metals can be done either by purchasing the physical asset, or by purchasing futures contracts for the particular metal. transaction infrastructure, two leading precious metal operators today announced an alliance to create the means to buy & sell gold online. In doing so, Kitco, a precious metals retailer and GoldMoney, an asset-based online transaction system, are implementing an entirely new way for individuals and companies to buy & sell gold easily and inexpensively with the assurances of safe and secure allocated storage for their precious metals. Prior to the alliance, gold purchases often required expensive shipping to the buyer because insured storage of gold was not practical or possible at low cost in many instances. Physical ownership of gold often involves complex and costly steps that are largely prohibitive pro·hib·i·tive also pro·hib·i·to·ry adj. 1. Prohibiting; forbidding: took prohibitive measures. 2. for many consumers. The GoldMoney - Kitco alliance will enable anyone to purchase physical gold online and store their gold in a high-security facility in Great Britain Great Britain, officially United Kingdom of Great Britain and Northern Ireland, constitutional monarchy (2005 est. pop. 60,441,000), 94,226 sq mi (244,044 sq km), on the British Isles, off W Europe. The country is often referred to simply as Britain. . "Kitco's proficiency pro·fi·cien·cy n. pl. pro·fi·cien·cies The state or quality of being proficient; competence. Noun 1. proficiency - the quality of having great facility and competence in retailing precious metals, combined with GoldMoney's infrastructure will simplify gold ownership," said James Turk, founder and managing director for GoldMoney. "Consumers will finally enjoy inexpensive storage with an easy way to buy gold. It's an important break-through, particularly now that gold ownership is again proving to be a wise decision." By creating this online way to buy & sell gold, GoldMoney and Kitco are letting consumers trade gold at real-time prices. Formerly, the lack of real-time trading often meant buy orders were subject to shifts in valuation until execution. In addition, consumers will have the unprecedented option of storing their purchase as digital gold currency Digital gold currency (or DGC) is a form of electronic money denominated in gold weight. The typical unit of account for such currency is the gold gram or the troy ounce, although other units such as the gold dinar are sometimes used. (through GoldMoney) or in physical gold through Kitco's streamlined coin and bullion BULLION. In its usual acceptation, is uncoined gold or silver, in bars, plates, or other masses. 1 East, P. C. 188. 2. In the acts of Congress, the term is also applied to copper properly manufactured for the purpose of being coined into money. retail operation. Purchase, storage and exchange are thus efficient and economical. Recognized as a leading retailer of precious metals, Kitco offers a complete line of highest-quality bullion products as well as refining and trading services for industrial users of precious metals. With more than 8 million monthly visitors, www.kitco.com is ranked as one of the world's most popular sites for information on precious metals. GoldMoney, inventor and patent holder of the asset-based online transaction process available from www.goldmoney.com, allows consumers to conduct limitless transactions over the Web using gold - a time-honored asset - instead of fiat currency In economics, fiat currency or fiat money is money backed by government demand for it as legal tender in payment of legal liabilities, such as taxes. It is often associated with paper money because legal liabilities are created and settled by documents which are usually . "This is a perfect example of vertical integration in response to market demands," said Kitco president, Bart Kitner. "Kitco's website attracts a large and diverse clientele with an avowed a·vow tr.v. a·vowed, a·vow·ing, a·vows 1. To acknowledge openly, boldly, and unashamedly; confess: avow guilt. See Synonyms at acknowledge. 2. To state positively. interest in precious metals. By integrating GoldMoney into our system, thousands of GoldMoney users will have a simple way to buy GoldGrams, using US or Canadian dollars Noun 1. Canadian dollar - the basic unit of money in Canada; "the Canadian dollar has the image of loon on one side of the coin" loonie dollar - the basic monetary unit in many countries; equal to 100 cents ." Because GoldMoney is an established form of online currency, consumers will also be able to shop online using the value of the gold in their account. A growing number of online merchants and other entities accept GoldMoney payments due to its secure, irreversible irreversible (ir´ēvur´seb  l),adj incapable of being reversed or returned to the original state. , and instantaneous nature. GoldMoney is Digital Gold Currency - gold in digital form that can be spent and transferred electronically. By converting the world's oldest money into a new and much-needed digital currency, GoldMoney allows consumers, merchants and consumers to avoid the intrusion and expense of credit cards as well as the hassle of using conventional fiat currencies online. GoldMoney founder, James Turk is the creator and patent holder to the asset-based online transaction system. GoldMoney services can be accessed at www.GoldMoney.com Kitco is recognized throughout the globe as a leading retailer of precious metals for small and large consumers as well as the precious metals industry. Kitco provides highest quality bullion bars and coins for consumers, refining services for the jewelry jewelry, personal adornments worn for ornament or utility, to show rank or wealth, or to follow superstitious custom or fashion. The most universal forms of jewelry are the necklace, bracelet, ring, pin, and earring. manufacturing industry, and mill products. Kitco's website, www.Kitco.com is a nexus of the precious metals industry providing real-time pricing, industry news and a precious metals purchasing platform. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion