As we move forwards towards a gold standard, we will need many new innovations (as well as a rediscovery of old things that have long been forgotten). At the Gold Symposium in Sydney Australia, I saw an exhibitor who has a new, innovative product. They have thin sheets (almost like wafers, especially the gold ones). They are engineered and precisely scored that one can break off a small rectangle. With one’s bare hands. They guarantee that every rectangle will have exactly 1g of metal. There is a gold product and a silver product. The individual 1g rectangles are the same width X length, with the silver being about twice as thick.
I don’t believe that all, or even most, transactions will be conducted in gold coins passing over the counter. But gold coins will certainly play a role. The innovation here is that one can carry a sheet or a smaller-sized quantity, say the size of a credit card. One only breaks it apart if one needs to conduct a small transaction. 1g of silver is worth about $1 and 1g of gold is worth about $54 at today’s price.
The product is manufactured by Valcambi, a Swiss company that is certified by the London Bullion Market Association as a refiner. The distributor in Australia is Bullion List (www.bullionlist.com.au). —
I am very excited to see such innovations. I think they are a sign that the cultural tide is turning and the illusion that is irredeemable paper money has been dispelled for more and more people.
There is no pun intended by “KeithGram” and these 1 gram monetary metal wafers. I have been writing a series under “KeithGram” for about a year.
Keith Weiner is the founder DiamondWare, a VoIP software company, and has a PhD from Antal Fekete’s New Austrian School of Economics in Munich. He is now a trader and market analyst in precious metals and commodities. He is also president of the Gold Standard Institute USA.
© 2012 by Keith Weiner