PAX Gold (PAXG) way to own investment-grade physical gold, true?

[JohnLocke]

Through another thread, I became acquainted with the PAX GOLD (PAXG) cryptocurrency, which is backed by physical gold as they at least advertise on their website.

Is there anyone who knows more about this company or if there is anything to consider before starting to invest in this cryptocurrency?

 

[Rotor]

Storing gold costs money, so how does Paxos deal with that? They have no storage fees. They charge a "Creation & Destruction" fee. What happens when traders stop trading? I've also never seen the gold.

The only logical explanation is that they are leasing their gold and earn revenues for that. Back to the usual shenanigans with multiple claims on the same gold bars.

 

[wellington]

Storing gold costs money, so how does Paxos deal with that? They have no storage fees. They charge a "Creation & Destruction" fee. What happens when traders stop trading? I've also never seen the gold.

When I queried the bars previously it said they were Russian bullion…

 

[diatessaron]

When I queried the bars previously it said they were Russian bullion…

"PAXG is the only gold token you can redeem for LBMA-accredited Good Delivery gold bullion bars. Institutional customers can also redeem for unallocated Loco London Gold. Redeem for USD at current gold market prices at any time."

Russia isn't on the list, I don't know if it was previously: Good Delivery Current List

This is more interesting than PAXG to me: Goldback

 

[belarus]

From 4000 euro I made 600 euro until now in a few weeks! Not bad and ultra low risk with a low amount I know

 

[jafo]

From 4000 euro I made 600 euro until now in a few weeks! Not bad and ultra low risk with a low amount I know

But if you want to redeem it and get your €4600 now, will you get it?

 

[belarus]

But if you want to redeem it and get your €4600 now, will you get it?

Yeah I have them in kraken can just trade them and get all the money out in seconds.

 

[Raul78]

Each Pax Gold (PAXG) token is backed by one fine troy ounce of gold, stored in LBMA vaults in London. If you own PAXG, you own the underlying physical gold, held in custody by Paxos Trust Company.

 

[lory]

I've been following this thread since the beginning, and against all the advice here, I invested a small amount of 4,000 EUR in PAX GOLD through Kraken!

Had I listened to you, I wouldn’t have made nearly 980 EUR from March until now on my small investment. I just wish I’d invested 40K or even 400K and not listened to you.

Just a little reminder to trust your gut, but of course, don’t completely ignore what the experts here have to say either.

 

[lory]

would you have made a similar post if you lost 25%? survivorship bias is a real thing...

Of course I did this. I’m not one of those people who only posts positive or negative things, I’m someone who shares what I actually experience, based on the information I get from OCT.

By the way, how does your reply even make sense in response to my feedback?

 

[JohnnyDoe]

The earlier investors of - insert any Ponzi here, like Madoff, Luna etc - who cashed out were happy too.
Read https://a.co/d/hfgSLeG

 

[lory]

The earlier investors of - insert any Ponzi here, like Madoff, Luna etc - who cashed out were happy too.
Read https://a.co/d/hfgSLeG

So what you're saying is that you think the company behind PAX Gold will go bankrupt or just disappear overnight like so many others have done before them? That the company isn't solid?

OK, I get that, but how did you come to this conclusion? This is useful knowledge that can apply to many other investment opportunities

 

[JohnnyDoe]

If you want to invest in/buy gold you should buy the real thing, not a surrogate. And store it yourself.
Pax Gold proclaims to be “The easiest way to own or trade gold”. I dissent. If you like to trade some papers linked to the price of gold, trade futures.
Too many “solid companies” have disappeared in the past.

 

[jafo]

The earlier investors of - insert any Ponzi here, like Madoff, Luna etc - who cashed out were happy too.
Read https://a.co/d/hfgSLeG

If you want to invest in/buy gold you should buy the real thing, not a surrogate. And store it yourself.
Pax Gold proclaims to be “The easiest way to own or trade gold”. I dissent. If you like to trade some papers linked to the price of gold, trade futures.
Too many “solid companies” have disappeared in the past.

 

[diro]

I don't think it is a bad investment. Risk with 4K is low, as long as you stick with that kind of money I can't see why not.

 

[void]

Risk with 4K is low

so is the reward then

 

[diro]

so is the reward then

yes, but for some people it may be sufficient. You could do this for your youngsters to learn them how money can grow. Just as an example.

 

[JohnnyDoe]

yes, but for some people it may be sufficient. You could do this for your youngsters to learn them how money can grow. Just as an example.

Not good to teach betting to youngsters.

 

[void]

yes, but for some people it may be sufficient. You could do this for your youngsters to learn them how money can grow. Just as an example.

I tried to explain what this whole "idea" is about but my two posts in this thread got removed... I wonder why

 

[diro]

I've been following this thread since the beginning, and against all the advice here, I invested a small amount of 4,000 EUR in PAX GOLD through Kraken!

Had I listened to you, I wouldn’t have made nearly 980 EUR from March until now on my small investment. I just wish I’d invested 40K or even 400K and not listened to you.

Just a little reminder to trust your gut, but of course, don’t completely ignore what the experts here have to say either.

If you put your money into bitcoins or Eth, LTC you would have made much more by now, sorry to say so.

 

[DerAufklaerer]

i think PAXG is for holding after the crypto Bull run not NOW