Jan 20, 2023: Do you know about Gold-Backed Digital Currency? Technologist John Strayer Breaks it Down.
Posted On January 19, 2023
Brian Sussman talks with technologist John Strayer about one of the ways to buy gold that you may not have considered before.
We have tapped the technical skills of a techno investor and local Sedona entrepreneur, John Strayer. With the price of gold coming back to levels of a year ago, as the US economy debt grows, and as the US Dollar may be replaced by other currencies for petrol trading, it may be time to look at GOLD again.
The purpose for this show is to introduce you to a type of digital currency that is backed by physical gold in a bank, can be owned by you and can be exchanged for the physical gold at any time. That said, there are also risks associated with digital currency that cannot be ignored such as government interference and corrupt investors. This is a decision each person must make on their own. We are not recommending one purchase method over another. We do think gold is good investment as part of your portfolio.
3 ways to buy gold
Mutual fund like GLD (SYDR ETF) or – easy, but you won’t own the gold
Hard metal, bouillon, bars and bricks – own them outright, store yourself, but hard to commerce
Gold digital currency (like PAXG) or bank card (Like Glintz) that is backed by physical gold, own it and easy to store and do commerce, but has risks .
The biggest complaint about buying gold bouillon is shipping cost, very heavy to store and transport, and hard to use for commerce since one coin has a high worth.
Most people don’t know about GOLD-BACKED digital currency. It solves the problem of shipping costs, storing and commerce.
Since the FTX collapse, most savvy investors do not trust digital currencies like bitcoin. A gold-backed digital currency does not eliminate all the risks either.
We are not recommending any specific product. We want to educate you on a method you may not be aware of, and may want to consider.
John sold his cryptocurrency before the FTX scandal, and understands the pros and cons of owning digital currency. He will talk more in detail about the components needed for this type of ownership:
Wallet – Hot or Cold (connected to internet or not), recommend cold
Brokerage Account – an account to purchase digital currency (that accepts your crypto currency)
Gold Currency of choice – one option is PAXG is backed by Loyds of London. There are others.
About John Strayer
John Strayer is the founder of Humankind.Center. With big dreams and taking the project forward he is working on building community with education and music. John is an experienced Senior Executive with proven results in all areas of business including Project Management, Consulting, Tech Development, Event Management and P&L Responsibility. Throughout his career, he has worked in multiple industries and helped clients at all levels within their organizations.
Humankind Humankind aims to help individuals with their personal growth by providing educational content and events focused on the chakra system, manifesting, and meditation techniques.