Press Release (ePRNews.com) - LOS ANGELES - Oct 16, 2019 - As in other times of economic uncertainty, millions of Americans seek ways to diversify their wealth with more stable assets like gold. Even though investors have billions of capital in Gold ETFs like GLD, many others distrust these traditional financial offerings. They want the added security of knowing the gold exists and tied to an account in their name.
iTrust’s product, expected to launch this December, gives clients the ability to buy and sell gold 24/7, which is custodied (by Sunwest Trust) in their name. Clients place trades through iTrust’s interface and executed through precious metals leader Kitco. The client’s ownership is ledgered on the blockchain with Vaultchain ® Technology and securely stored at the Royal Canadian Mint. The assets are 100% backed with physical metals and deliverable upon request through iTrust’s service.
“Our new service will fundamentally change the way investors hold physical gold in their IRAs. The days of high spreads and inferior liquidity are about to end.” ~Todd Southwick, Chief Executive Officer iTrust Capital
This modern solution solves a significant problem. Current Gold IRA models employ commission salespeople to convince customers to buy specialty coins like ‘Proof coins’ or ‘Exclusive coins’ instead of standard bullion. These coins routinely have profit margins of 30% or more (reference this consumer warning), which makes seeing a profit for the customers virtually impossible. Liquidating coins can also be quite challenging. Because there is no universal exchange for such coins, customers are at the mercy of the coin dealer. They may or may not repurchase the coins (despite representations to the contrary during the sales process), and they may or may not honor their posted spreads if they do. Additionally, this model offers no way for customers to log in to an online account to see values or execute transactions.
Don’t think this is a small segment; many billions of dollars in transactions have been done using this business model. This industry has been around for many years and advertise on large news outlets and have recognizable personalities as their spokespeople.
“iTrust’s platform is a better way to buy precious metals like gold and silver over traditional investing. Ownership is recorded using blockchain technology, with the metals securely stored at the Royal Canadian Mint. We’ve built a modern solution that is better for our clients who see reduced costs and better liquidity.” –Rich Hauschild, Chief Technology Officer, iTrustCapital
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