Goldmoney acquires U.S.-based precious metal dealer

bitgold

TSX-traded Goldmoney, which recently realigned its BitGold gold-based payment system, announced the acquisition of U.S.-based precious metal dealer Schiff Gold.

Peter Schiff, founder of Schiff Gold, will be entering a marketing and service agreement with the company, where Schiff will integrate and endorse Goldmoney services for clients and subscribers across various companies and media platforms.

Roy Sebag, founder of Goldmoney, said that the acquisition would add significant revenue to the company. In 2015, Schiff Gold sold over $125 million in precious metals, generated $2.8 million of gross profit.

“Peter is the LeBron James of the gold market with hundreds of thousands of trusted followers and an unrivaled track record in predicting some of the most important macroeconomic events of the last 20 years,” said Sebag. “Through in-person meetings and many thoughtful conversations it became clear to both Peter and I that we shared the same vision and goals, that Peter was motivated by the same mission that guided us, and that his business and brand could be better leveraged using the Goldmoney technology.”

SchiffGold is a retail gold dealer that buy and sell orders for precious metals, storage and vaulting arrangement, and gold & silver IRA arrangement services.

“For my entire career I have sold gold to high net worth individuals looking to incorporate precious metals into otherwise diversified investment portfolios,” said Schiff. “While the vast majority of investors have yet to make such an important allocation shift, its average individuals who actually have the most to gain by utilizing the protection of gold for day to day savings of income.”

Related: Toronto-based BitGold launches merchant processing in 150 countries

Jessica Galang

Jessica Galang

Jessica Galang is BetaKit's News Editor. Follow her on Twitter @jessicagalangg or send her pitches to jessica.galang@betakit.com.