According to CoinTelegraph.com, BitGold has just acquired Goldmoney.com for CA$51.9 million (US$42.3 million), incorporating more than 135K of the website’s “gold bugs,” or gold-hoarding enthusiasts”.
“Founded in 2001 by James Turk…Goldmoney is a service that allows users to trade and safely store their gold assets, controlling over CA$1.5 billion worth of precious metals in their storage facilities.
GoldMoney’s “low cost storage” fees for gold ranged between 0.12% and 0.18% per year, deducted on a monthly basis from users’ accounts.
“With BitGold, users only pay a flat 1% fee for gold purchases, invoicing and redemption’s.”
Shares of BitGold have a 52 week high of 8.00 and a low of just 0.075 CAD closing at $4.65 CAD on Friday.
I have been following Bigold and it was first listed and traded as a public company last week, therefore the 52 week trading range is not very relevant. Trading was halted for the entire trading day Friday due to the release of the GoldMoney acquisition. It will be very interesting to see the activity on the markets Mon. morning assuming that trading resumes. BitGold trades under the symbol XAU on the TSX Venture exchange and yes bitgold uses bitgold.com for their website
Great acquisition here, James will definitely be partying right now.