17 September 2002 - Rectifying a long-ignored deficiency in the precious metals transaction infrastructure, two leading precious metal operators today announced an alliance to create the means to buy & sell gold online.
In doing so, Kitco, a precious metals retailer and GoldMoney, an asset-based online transaction system, are implementing an entirely new way for individuals and companies to buy & sell gold easily and inexpensively with the assurances of safe and secure storage for their precious metals.
Prior to the alliance, gold purchases often required expensive shipping to the buyer because insured storage of gold was not practical or possible at low cost in many instances. Physical ownership of gold often involves complex and costly steps that are largely prohibitive for many consumers. The GoldMoney - Kitco alliance will enable anyone to purchase physical gold online and store their gold in a high-security facility in Great Britain.
'Kitco's proficiency in retailing precious metals, combined with GoldMoney's infrastructure will simplify gold ownership,' said James Turk, founder and managing director for GoldMoney. 'Consumers will finally enjoy inexpensive storage with an easy way to buy gold. It's an important break-through, particularly now that gold ownership is again proving to be a wise decision.'
By creating this online way to buy & sell gold, GoldMoney and Kitco are letting consumers trade gold at real-time prices. Formerly, the lack of real-time trading often meant buy orders were subject to shifts in valuation until execution. In addition, consumers will have the unprecedented option of storing their purchase as digital gold currency (through GoldMoney) or in physical gold through Kitco's streamlined coin and bullion retail operation. Purchase, storage and exchange are thus efficient and economical.
Recognized as a leading retailer of precious metals, Kitco offers a complete line of highest-quality bullion products as well as refining and trading services for industrial users of precious metals. With more than 8 million monthly visitors, www.Kitco.com is ranked as one of the world's most popular sites for information on precious metals.
GoldMoney, inventor and patent holder of the asset-based online transaction process available from GoldMoney.com, allows consumers to conduct limitless transactions over the Web using gold - a time-honored asset - instead of fiat currency.
'This is a perfect example of vertical integration in response to market demands,' said Kitco president, Bart Kitner. 'Kitco's website attracts a large and diverse clientele with an avowed interest in precious metals. By integrating GoldMoney into our system, thousands of GoldMoney users will have a simple way to buy GoldGrams, using US or Canadian dollars.'
Because GoldMoney is an established form of online currency, consumers will also be able to shop online using the value of the gold in their account. A growing number of online merchants and other entities accept GoldMoney payments due to its secure, irreversible, and instantaneous nature.
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