I’ve decided recently that I might like to take some of my crypto profits and place it in gold. If you’re a crypto currency enthusiast you might be wondering why the hell anyone would want to do that. The answer is: diversification. The massive gains available in crypto are exciting, but what goes up must come down, and when financial markets take a giant dump on everyone precious metals tend to go up. Cryptocurrencies are one of the most volatile assets you’ll ever trade, and I’m interested in establishing a hedge for that using gold, silver and platinum for safe keeping. It’s always good to skim at least a little profit off the top to put into something a bit more stable for when it’s raining blood all over your altcoins.
I started this journey trying to open a GoldMoney account. Lured in by their social media promises of alternative banking, their acceptance of crypto, and those shiny 24k gold debit cards, I thought hey! I’ll try this place out. Holy shit, that’s the worst experience I’ve ever had. Their verification process is about as much fun as getting your teeth pulled, and they insist on knowing everything about you from now back to when you were six. My account is still not approved, and most sources say not to expect it to be approved for at least a couple of months. After that fiasco I started looking for other options. I was looking forward to a Gold Money account, but they don’t let you withdraw to cryptocurrency (only deposit) anyway, and that’s pretty crappy.
Enter Bullion Star. Bullion Star is a precious metals dealer based in Singapore. The financial freedoms of Singapore have earned it a nice place in the world of business. Singapore has no jurisdictional ties to the United States or the European Union so they can pretty much tell them all to kiss their ass. Damn, I’m starting to like these guys, but what does that mean for you, the potential gold investor? It means super smooth, easy account creation with no hassle. I gritted my teeth, I filled in a few bits of information about myself, and then something magical happened. My account was instantly approved in about ten seconds. I didn’t have to go through a 3 day interrogation, they didn’t ask me about my relationship with my parents, and on top of that they gave me about $5 worth of silver for free to test out their platform. Oh, yeah! And they allow bitcoin deposits and withdrawals. Score!
Bullion star will let you purchase gold, silver, platinum and palladium in coins or bars. The availability for gold and silver is obviously the highest, because that’s what’s in highest demand from precious metals buyers. However, they do have a nice variety of different sizes or makes of bars and coins if you’re into collecting or just want some variety. Each bullion type will be listed with the appropriate information for purchasing. This allows you to easily compare premium prices, spreads and different weights if you’re interested in getting the lowest spread possible. However, it seems the bullion star branded bars are the most economical option. The difference between the buy and sell price for their bars seem to have the lowest cost difference of anything they stock. So, if you don’t care if your gold is flaunting a name brand, and your only interest is in the metal weight value then the home team bullion seems to be the way to go.
If you’d prefer a more established brand though you’ll also be able to buy bars minted by Pamp, Heraeus, the Perth mint, Royal Canadian mint and others. They have all the popular coins and many collector coins available too if that tickles your fancy. Canadian maple leaves, African Krugerrands, Britannias, american buffalos and pretty much anything else you could be after are all there. After you’ve finally made a purchase you can choose to pick up your metals in person if you’re in or around Singapore, have them shipped to your home address, or you can store them in their vault, which is what I’m most interested in.
I know there’s gold bugs out there who gnash their teeth at the thought of somebody else holding their gold. I however welcome the convenience, and the security of somebody else storing my metals. Keeping them around the house where somebody could break in and make off with them doesn’t appeal to me, and I’m not about to go bury them in the yard someplace like a pirate either. I’d rather they were in a nice, fully insured vault in a city with one of the world’s lowest crime rates. What’s more is if I actually had a pressing need to sell off my gold that’s going to be a real pain with a physical holding of more than a few coins or so.
Are you just going to walk into your local gold dealer covered in dirt from digging up your backyard booty with a sack of gold coins? Who’s going to buy that without calling the cops on you? The answer is a bullion dealer with a vault and keeping my gold in there keeps me one step away from liquid cash options should the need present itself. True, you don’t get to pretend you’re Scrooge Mc Duck, caressing your gold coins and kissing bars of bullion, but I’m okay with that. Honest! Well, maybe I’ll keep a few coins at my house for such purposes.
How does this vault storage work though? Are you just supposed to believe those lovely gold bricks are in there? No, actually they have a full auditing process. In your account you’ll be provided with photographs of your actual bullion, and any applicable serial numbers. You can long on 24/7 and actually audit the gold yourself online and see what is being held for you. If you’re not satisfied with the images and report they provide there’s also a third party auditor who comes in bi-annually to make their own report of the holdings. The report will be uploaded to your account for you to inspect as well. You can even go into the shop any time you want without an appointment even and demand to see your metals, and they will show them to you no questions asked. Their showroom actually looks pretty cool, and they have a lot of nice bullion on display you can buy on the spot if you’re there on business or for a pleasure trip. They also will buy gold from you as well if you have coins or even scrap gold.
In the portfolio section not only does it list the value and weight of the gold you have, but the individual pieces as well which you can see in the above example screenshot. It’d be easy for them to just say you have x grams of gold, but instead they will tell you your entire inventory piece by piece. For example, it will say exactly how many African Krugerrands you have or Canadian silver maple leaves. You’ll also be provided with the percentage allocations of your metals at a glance so you can decide which areas you need to beef up. If at any time you decide you don’t want Bullion Star to hold your metals any longer or you just want to buy a collectible for yourself you can have anything in the vault or the store shipped to your home address.
Selling the metals is a tad trickier. When you sell your metals the funds can either be deposited to your bullion star account or withdrawn. Should you wish to withdraw you have several options. You can request cash or a check, but those must both be picked up in person. They also can deliver to international bank accounts (which most people don’t have) or pay you in bitcoin. The bitcoin option is just fine for me. I love my cryptocurrency, and I can easily turn that into USD. If you’d prefer to send it to your regular bank account though this could be a deal breaker. Acquiring an international bank account could take a decent amount of cash and trouble. In case you couldn’t tell I love cryptocurrencies, and I’d advise skipping all that nonsense with banks and using the bitcoin option.
Bullion Star also has something called the “bullion savings program” if you don’t quite have the cash to throw down for a gold bar right now you can save your way there. For around $43 you can start buying into the gold bullion saving program. This is equal to 1 gram of gold and after you’ve saved up 100 of those you can choose to redeem them for a 100g pamp gold bar. Or you could even just choose to keep them in the program. Why would you do this? Well, the price premium and spread is quite low compared to many physical gold options. If you need a placeholder for some short term holds this could be a good option. I’m planning to hold some money this way when the next January finance market blood bath rolls around. After the correction I can sell back into bitcoin and buy up the dips. The negative to this is that if you convert to physical gold your only option is the Pamp cast bars which don’t have as good of a price advantage as the Bullion Star bars should you decide to sell them later.
Who are these people though? Their board of directors has a background working in precious metals prior to establishing Bullion Star which is relatively new, only being established in 2012. However, their head honcho also established a company named Liberty Silver which is now the largest bullion dealer in Scandinavia. The platform itself is super easy to use, and I’m enjoying trading on it thus far. I think Bullion Star will be a great financial asset to me, and I’m glad I can buy some gold without going through a month long approval process. They really take the headaches out of buying metals online, and it’s very refreshing if you have any experience with any type of “online finance” as of late.
Bullion Star is probably the most convenient way to buy gold with Bitcoin, and it’s quite possibly the most convenient way to own gold period. Their platform is excellent, and being able to store some of your gains away into a less volatile asset will help you sleep easier at night. If you’d like to check out their platform you can register for a free account to browse around. This will let you see all of their offerings, learn how to buy or sell, and you’ll get some nice samples of the dashboard to look at. You won’t be charged anything until you actually start storing metals there, and they’ll give you a free silver bullion savings grams (About $5 worth) so you can see how the saver program works.
Get A Bullion Star Account and Get $5 of Free Silver Here.