I saw this image while visiting the website of Provident Metals. I like to check in from time to time to see pricing and admire of them their new offerings. As soon as I saw the image, it caught my attention. And I immediately began evaluating what they were saying...
"A Faster, Safer, More Affordable Solution To Buying And Selling Physical Gold"
That's the tagline. Here's what I think they're trying to say:
Buying physical gold takes too long. If you choose to visit a local coin store, that takes too much time. If you place an order online, that takes too long... even if you pay with crypto and the order ships the next day. You need it NOW!
Items get lost in shipping, and even if the company will replace the lost package, you're without the metals in the meantime. Or the package could be stolen off your doorstep. Or your house could be robbed. Or the storage facility where you store your precious metals could be robbed. Physical isn't safe.
Buying physical gold is too expensive. You have to save enough to buy a whole coin, and then you have to pay for shipping. It's too complicated and costly.
Here's more of their sales pitch:
Enjoy the Speed and Accuracy of electronic trading
It's stored, insured, and guaranteed by the Royal Canadian Mint!
Here's my favorite graphic. This explains all the reasons why physical gold is bad and you should trust someone else to hold your money.
- Do I really have direct ownership with DCGold?
- Pulling out my gold coins and looking at their beautiful shininess IS difficult for me. I hate seeing how pretty it is. I'd rather trust a "blockchain" because anything that says "blockchain" is immediately trustworthy.
- And the RCM will send it to me at any time? Even if Canada and/or the USA are confiscating gold?
- How do you buy 1/1000th of an ounce of gold? What does that look like? Can you show me a picture?
- Wait, why would I need to "REDEEM for physical metal?" I thought I had "100% direct ownership of pure physical gold?"
Thoughts?
Yeah, so I was all over the board there. Hopefully you picked up on the heavy doses of sarcasm. I did jump back and forth from farcically endorsing the service to mocking it, but you get the idea. Maybe I misunderstood and got it all wrong though. If you own gold/silver or if you're planning on buying precious metals, what do you think?
What are your thoughts?
Had you seen this advertisement before?
Are you planning on using a service like this for your investing?
