2016-12-01 Thu

The Royal Mint and CME Group are going to introduce a new way to trade spot gold. They would be offering digitised gold called Royal Mint Gold (RMG) in 2017. It's basically a digital record of ownership for gold at a secure on-site bullion vault storage facility. CME Group will develop the digital trading platform. The service will offer an easier, cost-effective and cryptographically secure means of buying, holding and trading gold.

Officials stated during the launch event that distributed ledger technology is an effective measure for supplying gold on a blockchain. They are also open for partnerships to introduce this idea to a wider market.

The digital trading platform will operate 24 hours a day, 365 days a year. Unlike traditional means of trading in spot gold, extra charges for managing and safely securing gold will not be incurred by the trader. Ownership of the gold will be offered with the option for conversion to physical gold for free.

Up to $1 billion worth of gold will be initially offered through investment providers. More will be issued based on market demand.

For more information visit: www.royalmint.com/RMG or email RMGinfo@royalmint.com.