RE:Another point of view on BitgoldI listen to Schiff religiously, and he's been dead right on the macroeconomic picture (timing aside), but I'm afraid he's wrong on this one. Not only is his math lacking (1% + 1% + 2.2% = 4.4%, not 6.4%) but he seems to miss the whole point of BitGold, which isn't simply to provide a cheap and convenient way to buy gold coins for delivery. You can do that with any number of online services, including his own.
The point of BitGold is to buy gold and use it for everyday transactions in lieu of paper money (credit cards, etc.), thus both preserving your purchasing power and avoiding high transaction fees, without having to physically buy, store, and sell gold as an intermediate store of value. In effect, BitGold does all this for you, in a much safer and more convenient way than having gold shipped to you and dumping it at the bottom of the proverbial lake.
It's true that Schiff provides a somewhat similar service with EuroPafic Capital - complete with a debit card (if you don't live in the U.S.) - but his requires a very high opening purchase, and has none of the global transaction ecosystem or PayPal-like settlement freatures that BitGold is seeking to foster.
Schiff also rants on about the tax ramifications of buying gold from BitGold, apparently forgetting that his own service is no different in this respect. (If the price of gold rises to $100,000 per ounce and the tax rate to 70%, as he speculates, the $70,000 per ounce tax burden will be the least of your concerns.)
In any case, James Turk has already responded to Schiff with this short reply, and hopefully a more complete rebuttal from the company will follow.
https://www.fgmr.com/peter-schiffs-taxation-tantrum-post-about-bitgold/