Peter Schiff

but right now I'm helping people buy gold and silver that we're going to tokenize.

So once you have the gold, you'll have the ability to withdraw it either in a physical form or in the form of a token.

But the idea of a gold-backed token, the idea of T-gold, is so that you can use your gold easily as a medium of exchange.

And you can transact instantly over the internet.

Somebody in the United States can make a purchase instantly

from somebody in australia and pay them instantly with gold you don't have to send the actual gold to australia you just send the token which represents ownership of that gold if you have the token then the gold belongs to you and so if i want to give you my gold i don't have to drive down to the vault grab some of it and and bring it to you no i just send you the token

And now you own the gold.

Just like paper money, when paper used to circulate, whoever had the paper had ownership of the gold.

The paper currency was titled to gold.

And so now you could do that with a token through a blockchain.

As long as you can redeem it.

Yeah.

And it's auditable.

But is it enforceable?

Of course, it's a legal contract.

It's a lot.

So if I sell you a gold token and that's like an IOU, it's an IOU for gold.

And I legally contractually am obligated to pay you or whoever is the bearer of that token.

So while you own the token, the gold belongs to you.

But if you spend that token and now somebody else earns it because they provided goods or services or you just gave them a gift,