City Beat: Brisbane’s ‘Fort Knox’ attracts cryptocurrency investors
It is Brisbane’s version of Fort Knox, capable of holding hundreds of millions of dollars’ worth of gold in its vaults located in ritzy Hamilton. But don’t even attempt to break in.
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HIGH SECURITY
It’s Brisbane’s version of Fort Knox, capable of holding hundreds of millions of dollars’ worth of gold in its vaults located in ritzy Hamilton.
But don’t even attempt to break in as you will be facing not only bulletproof glass but electronic moat and metre thick reinforced walls.
You can, however, invest in the stuff stored there through Meld Gold, the latest entrant on the Australian cryptocurrency and digital asset exchange.
The brainchild of Brisbane jeweller Michael Cotton, who operates Imperial Vaults in Kingsford Smith Drive, Meld Gold allows mum and dad investors to trade digital gold certificates on Melbourne-based BTC Markets backed by physical gold.
And if they want to cash out of the certificates, they can store the real stuff in more than 1000 safety deposit boxes at Imperial Vaults.
Cotton says that with gold prices surging this year due to the uncertainty created by COVID-19, the precious metal was set to become a popular hedge investment.
“We are allowing people to invest in the security and liquidity of the global gold supply chain from their smartphone,” he says. He says that combining one of the oldest precious metals with a cryptocurrency market gave investors the best of both worlds.
The vaults, opened two years ago, were shipped from the US and feature the latest technology including fingerprint technology access, man trap doors and composite material reinforcement. “We also have an electronic moat with motion and vibration sensors,” says Cotton. “It would take anyone a very long time to attempt a break in by which time they would be discovered.”
Cotton says Meld has partnered with blockchain developer Algorand to connect buyers and sellers on the digital platform. Each Meld gold certificate is worth one gram of physical Australian recycled gold at 999.9 purity.
BTC Markets chief executive Caroline Bowler says there had been a shift from 25-45 year old males to a much broader age group interested in bitcoin and other cryptocurrencies.
“Early retirees are particularly interested in diversifying their investment portfolio and returns,” says Bowler. “Bitcoin, like gold, is known as a deflationary asset due to limited supply which has made it an increasingly popular asset class for those seeking a return in a low-rate environment.”
CASE SETTLED
MORE on the troubled Evolution Group, the Brisbane-based mob that is the biggest traffic control company in the nation. City Beat reported Monday that the unfair dismissal case lodged in the Federal Court by former chief executive Marshall Scott had been dismissed. In fact, the case was settled with the settlement terms to remain confidential. Scott wouldn’t comment on the specifics other than to say he was happy with the process and the outcome.
That at least gives the troubled company some breathing space but as we noted yesterday Evolution remains in a whole world of pain financially and must improve its performance over the next couple of years.
EFFICIENCY DRIVE
AP Eagers is determined to emerge from COVID-19 in a stronger position. Martin Ward, the boss of the Brisbane-based auto giant, told a UBS investor conference that the company had purchased or planned to purchase a swag of properties across the country that it previously leased. That included eight properties in Queensland picked up for $105 million, three in Western Australia for $30.3 million and a NSW showroom for $76.25 million.
The company also had sold four dealerships in Queensland as part of a restructuring of its portfolio including Caloundra City Auto Group, Beaudesert Nissan and Holden, Browns Plains Hyundai, Suzuki and Holden and Browns Plains Mazda.
SHOVEL READY
BRISBANE-BASED Mayur Resources has raised $5.5 million from investors as it moves to bankroll its cement and lime project in Papua New Guinea. The ‘shovel-ready’ project is now set to advance into production, having recently secured a mining licence from the PNG Governmement. The company has also flagged plans for further spin-outs to raise value, from its copper/gold assets to its industrial sands project.