TIL - How to quickly check if the price of GBG is fair.
I just wanted to share this little tip with you.
If you're coming over to Golos from Steemit, this whole GBG thing can be really confusing.
GBG is Golos backed milligrams of gold and it has held it's peg really well which is why I'm talking about it so much.
But as my wife @ghostwriter was asking me the other day, "how do I really know GBG is holding it's peg?"
All the markets price Gold (XAU) in ounces and not just regular ounces, but Troy Ounces. You need to find an easy way to demonstrate that the price is fair before I'm going to consider GBG at all!
So here is the system I've been using and I hope it helps you out.
First, go to coinmarketcap and look at http://coinmarketcap.com/currencies/golos-gold/
This gives you a base price in USD for GBG.
Presently that is $0.04 USD
Since GBG is mg of gold, you need to multiply that by 1,000 in order to convert to grams.
When you do this, you come up with current price of $40.02 per gram.
Now check the spot market for gold in grams...
Presently this is showing $40.20, which is within 1% and that means the peg is well maintained.
In fact GBG is trading at slight discount and that means it's a good time to buy.
To my mind, this is a great opportunity. As I mentioned in an earlier post the dollar is entering a period of instability. I'm not advising anyone to dump their dollars, but Gold has historically been the best way to hedge against instabilities in your base currency, which is probably why the people behind golos decided on a gold peg instead of a ruble or a dollar peg.
This decision has created an opportunity and frankly, I'm giddy about it.
GBG is a really good hedge against what is happening right now, and what sadly will keep happening as long as Trump keeps trying to alienate the USA from the international stage.
Mark my words the dollar is slipping hard and it's not getting better for at least 4 years. So even dollar pegged instruments like Steem Dollars aren't the best place to put money if you're trying to protect your purchasing power.
You can currently buy and sell GBG on TradeQwik where we just trade it as XAU. It's also available on Bittrex under the BTC/GBG and of course you can also buy it on the Golos internal market.
GBG is different from other supposed "digital gold" schemes, not only does it hold it's peg well, but TradeQwik is offering you the opportunity to exchange it for physical gold, i.e. gold delivery for a premium of only 15%. You can't buy XAU for delivery for less than 10% over spot on any market, but TradeQwik does and on orders of 50g or more, we include free global shipping. How cool is that?
*Disclaimer - I work for TradeQwik
This post is 100% Golos Powered!