Recently, a new trend has emerged in the cryptocurrency sphere to bridge the gap between physical gold and cryptocurrency in the form of digital gold tokens. While there is great potential in this uncharted fintech space, the gold analysts at Gold Merchant have already exposed an abundance of misdirection and fraud with most of the gold digital tokens offered on the cryptocurrency market today. Most of the gold cryptocurrency is not guaranteed by a government issuing mint. Even though the marketing literature makes such promises, Gold Merchant has been able to expose some of these frauds by contacting the legal departments of the gold mints directly. Also, there is even a lack of industry standard insurance backing the physical gold on reserve for many of these gold digital tokens. It has also been uncovered by the gold analysts at Gold Merchant that some of the physical gold supposedly held in reserve to back the digital gold tokens has been loaned out as collateral. This is reminiscent of the mortgage crisis just a few years ago as mortgages were fractionalized, sold, and resold until the entire system failed and required a bail-out. There is one major difference between the mortgage crisis and the pending cryptocurrency crisis on the horizon — there will not be a national government willing to bail out the cryptocurrency markets. In fact, traditional government fiat currency would benefit to have the private cryptocurrency market system fail. Many national monetary central banks are even planning to prohibit the purchase, sale, or transactions of cryptocurrency in the near future. There is even a movement to create monopolies for government-issued cryptocurrency. Another common crypto gold token scam is to promote the notion that a particular digital gold token is equivalent to a specific gold bullion coin by a government mint; however, when the consumer requests to redeem the gold digital token for physical gold, the coin is less than pure gold or has an outrageously high mark-up making the entire venture a case study in financial fraud. All forms of cryptocurrency, including gold crypto digital tokens should be approached with caution and skepticism for the lack of a transparent regulatory framework.
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