The Potential of Goldmoney.com’s new iPhone Application
James Turk at Goldmoney.com just recently released an application for the iPhone that allows a person to remotely transfer units of gold and silver to other account holders. I think this has real potential to become a new form of monetary exchange. For example, if a particular merchant has an account with goldmoney.com, you could purchase an item from them by using your iPhone to transfer the appropriate amount of gold or silver units into their account. Of course, I am a little concerned about the potential for "digital warfare". As I know just enough about computers and the internet to be paranoid, I use a personal VPN connection to secure the use of my iPhone. I think this, in conjunction with the auto-lock on my iPhone, mitigates some of these concerns. I do believe the convenience of this process might encourage some people to allocate some of their bullion holdings into the digital realm.
I bought this application thinking that it would allow me to monitor the price of PMs and execute trades remotely. Unfortunately, this doesn’t seem to be a reality, yet. However, the ability to transfer PM units may become seriously valuable in our uncertain future. What are your thoughts on this?
Thanks for your time,
In view of the Fed’s confiscation of gold during the last recession, I would suggest American citizens are very cautious about investing in gold or silver. I guess it would be safe enough to buy from a jeweller, but any time you have to give your name and address for it, Uncle Sam will know where to come for it.
jageanangel – I hold an account with GoldMoney but have not yet used the new iPhone service. I agree it has potential but so far few have taken advantage of the ability to conduct transactions via GoldGrams. You can put some manual checks in GoldGram transactions but I’m not sure about the iPhone – you raise a good point about security. I’m not sure if this new service will entice others to utilize a gold account but I sure it does.