@NovemGold Does the insurance cover 100% of the physical gold stored in the vaults in case a robbery or other loss occurs?
I am happy that you noticed that. The price is made up of the London spot price and a premium. The markup covers costs such as ordering the gold, checking the quality of the gold, auditing the gold quantities, customs clearance and delivery to the warehouse. In addition, insurance and storage are free of charge compared to other projects. This means that as long as the gold is on the block chain, the price is secondary, as there is no intermediary. This means in summary that the price on the exchange is always kept at the level of the spot price plus the markup, so there is no disadvantage for the token holder. This is a big difference to other projects, and why it is important to come from this industry, as gold bar trading is a completely separate business.
Hi, as we know, there is storage cost associated with a possession of holding physical gold. Is the storage cost already included in NNN token price? How do you go about other costs surrounding physical gold?
Like Nash we are also based in Liechtenstein so we are also obliged to strict regulation. Also, there are quarterly audits that make sure that the gold we say is stored in the vault is really stored in the vault. You may check our latest audit reports on our website. There is also a link in a previous answer here.
This is a use case that we are looking at and might be interested to realize in future given the demand.
For redeeming you have to KYC with us. As I mentioned earlier once you redeem your gold you loose all advantage why we are tokenize gold in the first place. It is to save you insurance, storage fees and get rid of intermediaries. However, if you want to redeem it you may contact us at firstname.lastname@example.org or you can message me on Telegram to clarify whether we can deliver to your location. We are able to deliver to most countries in the world. Nevertheless there also some countries where we can not deliver.
Are you planning more marketing for Novemgold and more exchange listings?
No, we can at no point freeze any assets. This is a big differentiator to other projects and the reason why we are located in Liechtenstein. Article 34 of the Liechtenstein Constitution expressly protects private property. Laws governing the protection of privacy have been in force since 1926 and have laid the foundation for a long tradition of asset protection. This makes Liechtenstein one of the few places in the world where the government cannot access and seize your property, including gold. Your token, your gold at any time! We are first looking at europe and then expanding to Asia.
Mostly retail customers.
How much Volume of NNN on nash do you hope for? What are the targets?
How do you make money? I mean if NNN is pegged to the gold price you have to buy the gold first and then you get it tokenized. There is not much opportunity of making money here, or do you provide any other services?
The gold industry is rather traditional and what we are proposing is a rather radical change. So explaining them to use blockchain from now to buy gold is a challenge it itself. To explain that they need Ethereum for transaction is another challenge that we avoided by using Neo as platform as we do not need any Gas for transactions.
Yes 100%. Liechtenstein is known for storing highly valuable assets and are very proficient in their field.
Everything(sourcing, quality check, delivery to vault, audit, storage, insurance) is covered hence there is a premium, which however does not affect you really, because the price on the exchange is always kept at spot price plus the relative premium.
Is there a fixed rate between NNN and gold, e.g 100 NNN equals 1 gram of gold?
We look at it as a real partnership. So we will try to grow the volume over time as we say good things take time. In general I think having gold next to BTC for example is excellent, so we expect great demand, especially during those times we are living in atm.
Yes we do and we will communicate everything at the right time.
Are there any institutional investors or hedge funds among NovemGold’s clients?
Are you planning to trade between NovemGold and institutional investors using nash?
The NNN is pegged to spot price plus a premium that is needed to cover costs that I mentioned earlier in the AMA and a little slice is a profit, where also a part of is used to burn the NVM token, which is our second token. Gold is and always will be a volume game.
Yes 100NNN always equal 1 gram of LBMA certified 24k gold.