$2 Billion Precious Metal Dealer Ready to Accept Bitcoin

GoldMoney.com, the James Turk founded company that manages over $2 billion in precious metal assets for its 23,000 customers, has released a survey suggesting that they are willing to not only store Bitcoins for customers, but use Bitcoin as a medium of exchange for those wishing to buy or sell precious metals.

The relevant survey questions are as follows:

12. How much are you interested in using Bitcoin for online transactions? 
      
13. Please specify below which Bitcoin functionality you would like to use:

• Use Bitcoin to buy precious metals with Goldmoney
• Use GoldMoney to store Bitcoins in a secure wallet
• Other

Ironically, in December of 2011, GoldMoney shut down a service which allowed its customers to convert precious metals into different currencies or to transmit units of gold and silver to pay other GoldMoney customers (hence the name, 'GoldMoney'). The site, which should now probably be called "GoldStorage," sited a "global increase of compliance requirements for payment service providers" as the reason for eliminating the feature.

Now, they are looking at the unregulatable (yes that's a word, I Googled it) Bitcoin as a means of getting around these requirements. In essence, James Turk is saying that "Bitcoin is as good as gold!" Personally, I think it's better.

It appears that the survey is accessible to non-clients, so feel free to have your say, here.

Trace Mayer has an excellent take on the situation over at his "Run to Gold" blog.

Posted in: gold,goldmoney,silver