About 2 months ago Andrew Maguire made a comment to watch out in 26 days in the precious metals markets. Given some of his past interviews and knowledge about the market, many watched intently to see what would happen.
The date came and went without excitement, but Maguire recently did an interview to clarify his comments, why he made them, and what he still expects to happen.
In a private webinar hosted last Friday, Maguire and his business partners introduced a gold bullion backed crypto coin called BullionCoin. In an attempt to provide sound money with an actual backing, Legacy Gold has created a combination of a crypto and a sound money currency.
Even within the community of folks who believe the dollar’s days are numbered there’s recently been great debate as to whether gold, silver, or cryptos represent the future of money. Cases are made for and against each, with both sides introducing worthwhile points.
However it’s possible that both precious metals and crypto currencies can have value in a post dollar world, and it’s interesting to see BullionCoin mix the ideas together.
What led Andrew to make his call regarding a potential price reset in the gold and silver markets is what he feels will be the impact of orders into this new product. During the webinar he mentioned that there’s been great interest in the hedge fund and institutional community, where many funds are becoming more widely aware of the paper manipulations and wanting something more secure.
BullionCoin provides an alternative in that you can invest in a currency that’s backed by gold, as opposed to the COMEX and LBMA markets where many in the public simply don’t believe the metal exists to track the trades.
As the launch of BullionCoin draws near it will be interesting to see if the market finally feels an impact similar to what Maguire suggested back in May.
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