Is Bitcoin Entering the Certified Gold Market?

Gold coin prices and Bitcoin prices have been in the spotlight recently and now they are crossing paths pricewise and in at least one gold dealer’s business model. In response to a recent MarketWatch article outlining things that one can purchase with Bitcoins the Certified Gold Exchange is making plans to accept Bitcoins as payment for gold coins with PCGS and NGC certification, and company spokesperson Janet Jones says many gold investors who are also privacy advocates have contacted the company to voice their support.

“Gold can give you independence from inflation, and it gives you instant purchasing power anywhere in the world,” Jones said. “It’s also viewed as one of the most private ways to store one’s wealth,” she added.

Gold was selling for $1600 an ounce earlier this year; Bitcoins were selling for $16 that same day. Gold has since fallen to $1240 while the value of one Bitcoin is currently pegged just below $900 after climbing to $1100 last week.

Bitcoin might be a bubble, but the same could be said of gold. Jones says the company has not discussed paying out Bitcoins to clients who sell their gold, and she says only certified gold coins can be purchased with Bitcoins at first due to the U.S. government’s history of heavily regulating and sometimes freezing the gold bullion market.


Originally posted 2013-12-13 02:14:47.

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