Gold Nugget

GOLD

Gold is a time-tested store of wealth.  For over two thousand years men have been using gold as a way of protecting their hard-earned wealth and passing it down from generation to generation.

Gold is not subject to rust or tarnish.  This beautiful metal is also immune from the delusional inflationary fantasies of politicians.  No matter how much they may wish to, politicians and central banks cannot create gold out of thin air.  It thus serves as an important hedge against inflation.







Dollar Ball

THE DOLLAR

The U.S. dollar is currently the most widely-used currency in the world.  It gained its status due in part to the reliability of its convertibility to gold, giving rise to the once-common saying: “the dollar is as good as gold”.

Today, we no longer hear that phrase.  And it’s no wonder why not: we can no longer bring our dollars into the bank and receive gold in exchange.  Once upon a time we could.  Those days are long gone, and so too are any limitations on the number of dollars that can be printed.  The supply of dollars has been left to the whims of the inflationists – hardly a safe and comforting situation.






Pourin' Gold

THE SOLUTION: LIQUID GOLD

What if there was a way to base your financial life around gold, without having to convince everyone around you to switch?  What if there was a way to keep your savings safely in gold, and also to spend that gold in any store with total ease?

Now, there is.

Midas is introducing the Liquid Gold Card.  This is a payment card that from day one is already immediately accepted everywhere that Visa is accepted, around the world.  You can:

  • Pay at any store
  • Pay at any restaurant
  • Pay online
  • Pay your bills
  • Pay in any other situation you can think of

Total simplicity.  Total convenience.  Total liquidity.





QUESTIONS

How is this possible?

Foreign travelers will be familiar with a feature of most modern debit and credit cards: to pay in whatever currency the merchant wishes to be paid in, even though the traveler’s account is actually in dollars.  The merchant is paid in his currency, the traveler pays in his own currency, and the banking system takes care of all the details behind the scenes. The Liquid Gold Card works in the same way – except that we don’t charge a 3% foreign transaction fee to convert from gold ounces to dollars!

Where can I use the Liquid Gold Card?

Use it at stores, online, and anywhere.  It is a normal payment card.  Any place that accepts Visa charge (credit) cards should accept your Liquid Gold Card without blinking an eye.

Can I withdraw cash from an ATM?

Yes, but we do not recommend it.  You will be charged a hefty fee by Visa, in addition to the ATM's fee (see Details below). Because of this we will leave this feature disabled on your account, unless you request it.

Will the card also work outside of the US, in foreign currencies?

Yes, but extra fees will apply (see Details below).  We are focused on enabling gold-to-dollar everyday spending at the moment.



DETAILS

Card Processor: Visa
Location of gold: Zurich, Switzerland
Gold details: Allocated(through an intermediary) metal bars subject to LBMA rules for Good Delivery

Fees:

Gold Storage Fee: 0.00%
Ordering Fee: $0.00
Loading Fee: 0.00%
POS Transaction Fee: 0.00%
Gold-to-Dollar Currency Conversion Fee: 0%* except for rounding, see below.
Fee for original or replacement debit cards delivered by regular U.S. mail: $0.00
Inactive Account Management Fee: $0.00
Minimum monthly activity requirement: none

ATM Withdrawal: 6% of the amount of each withdrawal or $12 minimum, whichever is greater, plus the particular ATM's own fee, if any (most often between $1.50 and $4.00).

Foreign Transaction Fee: 2% of each foreign (meaning outside the US) purchase transaction or foreign ATM advance transaction in U.S. Dollars; 3% of each foreign purchase transaction or foreign ATM advance transaction in foreign currency

The price that gold purchases and sales are transacted at will be the most recent London PM Fix price.  For your convenience, the gold price will be calculated based on the transaction date, and not on the post date which will sometimes be later.

Please be aware that the price of gold in terms of dollars can fluctuate.  The dollar value of your gold could decrease on any given month or day, and often will.  Your account is denominated in gold, not dollars.

* Rounding: When you fund your account, Midas will use those funds to purchase gold.  Your account will then be credited the proper amount of gold, using the London PM Fix price. Due to the nature of the conversion, the amount of gold you should mathematically be entitled to in terms of ounces will often be a non-terminating irrational number.  For technical and practical reasons we will round the figure down to the nearest millionth of an ounce.  We will always round down.  Similarly when we sell gold due to your making a purchase or other transfer, we will round the U.S. Dollar amount to credit you down to the nearest penny ($0.01).  We will always round down.