![]() ![]() Some apps allow you to buy gold at regular intervals in whatever increments you want. In these cases, you would simply use a card you already have but fund a portion, or all of it, with physical gold. And for some platforms, you don’t even have to get a new, separate card. Some of them have created apps that enable you to fund your existing credit or debit card with gold through your smartphone. These act like your bank does in terms of ensuring you have the funds, or in this case, the gold, to complete your purchase. There are several banks or other financial companies that can provide you with a gold-backed debit or credit card. Instead, the transaction would be completed by converting gold you own – gold that’s backing your card – to the equivalent amount of cash needed for that transaction. ![]() And the gold-backed credit card isn’t backed by the credit limit on your credit card. The difference is that the gold-backed debit card isn’t backed by cash in your bank account. You present that card in person or for online purchases when you want to pay for something. And keep it from your bank.įrom a practical standpoint, you would use a gold-backed credit or debit card in the same way that you would use a regular debit or credit card. They allow you to make your stored gold or silver liquid. Gold-backed debit and credit cards are excellent tools for buying, selling, and using physical gold for transactions in any fraction that you may want. Hi Robert, thanks so much for bringing up the topic of gold-backed cards. This sounds like an excellent way to protect your purchasing power outside the dollar. It is good anywhere in the world that the major brand card is accepted. No one knows that you are actually spending fractional gold when you complete a transaction. There are gold-backed debit cards available that are backed by real gold that you own. While storing gold can offer protection against a failing fiat currency, it can be cumbersome to transform into a convenient medium of exchange. Up first today, a question from reader Robert on using a gold-backed debit or credit card as a way to preserve your wealth… And every Friday, I answer as many as I can. Every week, we receive fantastic questions from your fellow readers.
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