Investing in Gold is an easy way to protect against inflation and volatility. Traditionally when there is volatility in the U.S dollar, the price of gold goes up. And unlike fiat currency that will depreciate in value due to inflation, Gold has retained it’s value.
The one downside to gold is investing in it isn’t very easy. Well now there is a brand new way to invest in Gold that is powered by cryptocurrency. The Gold Standard Token.
The Gold and Silver Token
The Gold (and Silver) Token is a digital token 100% backed by physical Gold and Silver. The token has been issued by Ainslie Wealth. Which is an Australian Company that has been around since 1974. They have a well earned reputation for being a trusted and reliable bullion company.
About the AUS Token
The AUS token is a digital token that is tethered to the price of Gold. Each token is worth 1g of Gold. 1000 tokens can be redeemed for a 1000g bar of gold at any point. But because it’s a digital token, it can be traded, stored and sold with ease. You don’t need to worry about storing Gold – this is all managed by Ainslie Bullion, who are the experts. Each 1000g bar of gold that is stored by Ainslie is shown on the blockchain and can easily be audited and verified. This makes it one of the most secure ways to invest in Gold.
How to Buy the AUS Gold Token
The token is an erc-20 token. That’s just the technical name for it, and means that it can be stored in any Ethereum wallet that supports these tokens. You can buy the token through CoinSpot – the crypto exchange I use and recommend:
- Sign up for a CoinSpot account here
- Complete the verification process (this is quick and painless and just requires you to verify your ID).
- Deposit funds (You can use BPay, PayID/Osko, or an in person payment)
- Buy AUS
That’s how easy it is!
How to Sell the AUS Gold Standard Token
You can also sell the token directly through CoinSpot. When you do you can then easily withdraw the funds to your bank account.
How to Store the AUS Gold Standard Token
For small amounts of the token you can easily store it in the cloud wallet provided by CoinSpot. This means you don’t need to send it anywhere. It’ll be stored by CoinSpot.
But for larger amounts and the best security I recommend either one of the following:
- Coinbase Wallet – this is an app developed by Coinbase. It is a seperate app to the Coinbase app and it allows you to store your crypto on your phone and keep control of the private keys. I recommend this to most people because it’s developed by a large company with a good reputation and it backs up your wallet so even if you lose your phone you’ll be able to recover it.
- MyEtherWallet – this is a web wallet that is easy to use and secure. Even though it’s a web wallet, your keys are still stored offline and not accessible to anyone via the cloud.
While I love crypto and am an avid investor. I also appreciate the value of more traditional assets. Being able to store Gold as a crypto is super convenient. And it gives me the flexibility of being able to liquidate my investment at any time. It’s good to see an Australian company offering such a well thought out token release that is pushing finance forward.