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An old bond strategy is new again and it’s good as gold
A fledgling operation is hoping to turn back the clock by introducing gold bonds that are purchased and repaid with actual gold, a common practice about 90 years ago before FDR’s Gold Reserve Act put the kibosh on all the fun.
January 13, 2021 4 MINS
If you already thought gold investing was a fringe strategy, you might want to sit down for this one.
The company, Monetary Metals & Co., already has one deal under its belt and is jockeying to gain traction by reminding folks that this was a common practice about 90 years ago before FDR’s Gold Reserve Act put the kibosh on all the fun.
Monetary Metals Issues World s First Gold Bond Since 1933
Investors earn interest on gold, finance gold mine
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SCOTTSDALE, Ariz., Jan. 6, 2021 /PRNewswire/ Monetary Metals® is pleased to announce the issuance of a bond paying principal and interest in gold. The term is one year, and the interest rate on invested gold is 13%. According to company CEO Keith Weiner, Ph.D., it is the first proper gold bond in 87 years.
The proceeds fund a loan to Western Australia gold-mining company Shine Resources, enabling the firm to put its Chameleon project into production. Monetary Metals has performed extensive due diligence on both Shine Resources and the Chameleon project.