Goldpragers want to use Bitcoin technology

The world's leading mint in Perth is feeling the penchant for speculative investments. But here nobody believes that internet currencies are "the new gold".

The path leads through the underground car park, through a roller shutter and a half-meter-thick steel door - then you are surrounded by gold, One of the Perth's seven vaults in Western Australia's Perth, which has around 3.5 billion dollars in gold and silver in bars and coins, looks rather bleak: orange-blue steel shelves with pallets piled high with bars, a big camera, a forklift and a stable ladder. The heart of the Australian company, which records the highest export to Germany, is silliness. In the Perth Mint, 90 percent of Australia's newly raised gold is melted; 334 tonnes of gold and 540 tonnes of silver last fiscal year (June 30). The coin exports approximately $ 18 billion worth of gold and silver annually to 130 countries around the world.
Richard Hayes does not come down here too often. "The fewer people have access, the lower the risks," says the CEO of Perth Mint sober. Just now a security guard was convicted because he got one out of the coinsmuggled bars tried to make money. Since then, employees are no longer allowed to wear underwear with metal parts. Security is the first commandment, because here the assets are protected by more than 35,000 investors - from sovereign wealth funds to small investors. Two floors up in the historic building, however, Hayes and his people are working to ensure that the historic 1899 coin does not miss the new times. "We are working with partners on a blockchain-based offer, but will be backed by real gold. You can touch it with us, if you like, "says the head of the coin, which is in the hands of the Government of Western Australia. The new product will be released later this year.

Germany as the second most important customer
The Bitcoin boom has not left its mark on the traditional mint. More and more people jumped on the train and speculated in recent months with Internet currencies, instead of still relying on precious metals. Added to this was the election of Donald Trump to the US president, which drove speculative asset prices skyrocketing. "We had a perfect storm for gold," says Hayes in an interview with the newspaper. "Our coin business is very much dependent on the American market."

Germany is the second most important buyer of the coins from Australia's west, ahead of China. German investors bought 4.1 million gold and silver coins totaling 158 tonnes from Perth, worth 447.5 million Australian dollars (291 million euros) over the past 12 months. Among other things, the coin "down-under" cooperates with Deutsche Bank, LBBW, Helaba and Commerzbank.

Gold does not disappear
The "perfect storm" left its mark. The pre-tax profit of the largest gold trader of the land of resources almost halved in the past financial year (30 June) to 24.5 million Australian dollars, but of the record value of 41 million dollars the year before.

Much depends on the design and the quality of the coins. The Perth Mint regards Hayes as the second best worldwide after Japan's Mint. "But our quality is above that of Canada." In addition, buyers are lured by exotic motives: at the World Money Fair in early February in Berlin, the Australians will present their new one-ounce kangaroo coin, of which Hayes promises much. "If the motives are exotic enough, they attract people. From then on, we also want to keep them as collectors. "Anyone who thinks like this is not a friend of Bitcoin& Co. Hayes checks their courses on his cell phone, but he leaves speculation to his son. "What happens when the world collapses and you suddenly just stand with a USB stick? Gold and silver have a completely different quality, "he says. "Gold can be touched, it does not go away - I never believe that Internet currencies are the new gold." In addition, the government would soon regulate the cryptosystems, believes the head of the coin in the gold country of Western Australia.

Precious metals are facing challenges
Nevertheless, the gold man is fascinated by the new technology behind Bitcoin. "It's exciting to see the social consequences of Internet currency trading." And the Blockchain technique as its basis is ripe to be adopted for "crypto-gold" as well. "This will enable us to reach a new segment, the young investors," says Hayes. In addition, the origin of the gold would be comprehensible - which speaks for clean promoted gold of Australia. A debate like that on "blood diamonds" would be superfluous. And finally, thanks to historical data in the Blockchain, the tradability of trade made it hard for criminals and terrorists to take action.
Also, the times seem to be reversing - those who had Bitcoin tried to get out, and not a few secure their electronic profits in precious metals. However, the gold expert Hayes still sees no blue sky: "Precious metals will face challenges in the coming years," he says. Which also speaks only for moderate prices for gold and silver, which in turn make the life of coins not easier. Hayes admits frankly, without cynically saying, "We are doing well in a global crisis." And then he adds, "But I can not recognize them for the next two years. Personally, I do not think gold will rush to extreme heights so fast. "