Sprott cryptocurrency

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And the potential is enormous. Dozens of gold-backed digital currencies are sprouting up. Shortly thereafter Sprott launched Vaultchain, a gold-backed crypto it developed with its partners. It really seems to be this is where there is an intersection of the resource market and the technology of the blockchain and decentralized databases. So, what made you interested in gold-backed cryptos? Rick Rule: Well, first we believe that the potential audience for gold and cryptos is very similar. Second, we saw how the distributed ledger could make the inefficiencies of the gold trade go away to the benefit of all users.

Third, we saw a circumstance where there was a proliferation of crypto products that were in and of themselves faith-based currencies, floating abstraction. Dogecoin is an example that started off as a joke, and then got a bid. What was holding us back was the technological capability internally to cause that to occur, and when IEX Investors Exchange — the sort of flash boys guys — came into the equation and in fact approached us about being their partner in enabling distributed ledger and blockchain technologies in gold, that was just an offer too good to pass up.

Doug Casey: Very well. I think that a gold-backed crypto will kiss that and make it better. Nick Giambruno: Rick, you mentioned how the blockchain helps take away some of the inefficiencies of traditional gold warehousing companies. Can you elaborate on that? Rick Rule: Sure. If one of your readers wanted to go out and buy, say, ten ounces of physical gold, the spot price is the reference price. On top of that, one often pays to store and insure that gold, and they also pay for shipping and receiving.

If you eliminate the vast bulk of those transaction fees, you can see the incredible increase in economic efficiency for buying and selling gold through distributed ledger, through the blockchain. And that was really the most important thing that appealed to us.

We just wanted to make the gold trade much more efficient for those investors who believed that gold was a savings product, that gold was money. Nick Giambruno: Doug, I personally believe there will never be a gold-backed crypto that can completely stand in for gold. There is simply no substitute for owning physical gold that you can readily hold in your hand. However, owning large amounts of physical gold presents its own challenges. A gold-backed crypto can help address these drawbacks.

That said, any gold-backed crypto will have inevitably have some counterparty risk. Physical gold in your direct possession does not. Instead of being a substitute for owning physical gold in your own possession, I believe gold-backed cryptos are complimentary tool for individuals all around the world to access sound money.

The reasons why cryptos are catching on in the developed world are pretty obvious. This is a wonderful innovation not just for us but for the little impoverished people out there in the world. Nick Giambruno: Exactly… why would anyone abandon their wealth to a constantly depreciating government fiat currency, sitting in an insolvent fractional reserve bank when you can easily save a gold-backed crypto? On that note, how does a gold-backed crypto help one with political diversification?

Is it a new tool in the toolkit? SAM LP is not under any obligation to update or keep current the information contained herein. The information should not be regarded by recipients as a substitute for the exercise of their own judgment. Please contact your own personal advisor on your particular circumstances. Views expressed regarding a particular company, security, industry or market sector should not be considered an indication of trading intent of any investment funds managed by Sprott Asset Management LP.

These views are not to be considered as investment advice nor should they be considered a recommendation to buy or sell. Important information about the Trusts, including the investment objectives and strategies, purchase options, applicable management fees, and expenses, is contained in the prospectus. Please read the document carefully before investing.

Investment funds are not guaranteed, their values change frequently and past performance may not be repeated. This communication does not constitute an offer to sell or solicitation to purchase securities of the Trusts. If the units are purchased or sold on the TSX or the NYSE, investors may pay more than the current net asset value when buying units or shares of the Trusts and may receive less than the current net asset value when selling them. There is no assurance that any Trust will achieve its investment objective, and its net asset value, yield and investment return will fluctuate from time to time with market conditions.

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