Contact us
CALL US NOW 1-888-GOLD-160
(1-888-465-3160)

Mene Jewelry: Turning Fiat Money into Real Money (Schiff Report Video)

  by    0   0

For centuries, gold jewelry was not only something beautiful to wear, it was also a store of wealth and value. But the 14-karat gold jewelry found in your local store isn’t the best option for investment. Now there is an alternative for people who want to own beautiful jewelry that will also serve as a store of value.

Mene is an ancient word for money.  A new company by that name prices its jewelry by weight and a transparent premium. Mene also allows customers to track the value of their jewelry like an investment portfolio and sell back or exchange pieces back to the company.

In this special episode of the Schiff Report, Peter Schiff interviews Mene founder and CEO Roy Sebag. They not only talk about the company and this unique way to invest, but they also talk about the fundamental reasons you want to own gold

Peter said he believes Mene has the potential to completely disrupt the jewelry industry.

As Sebag explains, you find an objective gold standard going back to the earliest writings in the Hammurabi code in 1756 BC. But most scholars agree actual gold coinage didn’t appear until around 700 BC. So what were people using before?

The answer is they were using 24-karat jewelry. They were essentially taking what we call bullion — the pure metal the way it’s found in nature — and they were fashioning it into various things like this torque that I’m wearing, or rings, or bracelets or necklaces, and that’s why whenever we dig up these old caves, we see the skeletons there, everything else is gone, but the pure gold jewelry is still there shining just the way it was.”

That ancient gold standard is still alive today in the East. Ninety percent of the gold demand from mines goes into these eastern economies in countries like India, China and in Southeast Asia where people engage in this carry trade. They short their local currencies and they go long in gold in the form of jewelry.

Gold is far more highly valued in these eastern countries. Sebag said he met an Indian banker who told him he would only sell his 24-karat gold jewelry for property.

They have this decentralized gold jewelry standard. It’s very high integrity. Everywhere I went, whether I went to the richest places, the poorest places, the way they all buy the jewelry is the same. It’s the precious metal weight multiplied by the price of gold that day, and then there’s a transparently disclosed premium.”

As Peter put it, people are actually using their jewelry as a store of value, as a form of savings.

They’re not spending money on jewelry the way we do in America. They’re actually investing in the jewelry. Because whatever they buy today can be sold tomorrow, and depending on the price of gold, they may actually get more local currency when they sell than when they bought. So, they’re not actually sacrificing because they’re getting to wear their gold … It’s a fashion statement, but it’s also a wealth statement, and it’s a way to preserve your wealth in contrast to what Americans do.”

In essence, this is a decentralized banking system. And the beauty of it is that it’s not dependent on any government or financial institution.

Sebag offers an extraordinary statistic. Based his calculations, there is $2 trillion of 24-karat gold jewelry in the East. This represents around 30% of the gold stock.

The bottom line is jewelry is not just a fashion statement or an adornment. It is – or should be -an investment.

This revelation was the catalyst for the creation of Mene. Sebag wanted to bring this Eastern model West.

The Mene designs aren’t just functional. They are beautiful. Sebag partnered with Diana Picasso  – the granddaughter of the famous artist – to design Mene’s pieces.

You’ll want to watch the rest of the video to see how the pricing system works. It’s pretty amazing how Mene prices it jewelry based on the price of gold in real-time. As Peter put it, “You’re actually turning fiat money into real money.”

  • Mene went public on Tuesday, November 6, 2018, ticker symbol MENE on the Toronto stock exchange & ADRGF (Amador Gold) on the US exchanges.

Get Peter Schiff’s latest gold market analysis – click here for a free subscription to his exclusive monthly Gold Videocast.
Interested in learning how to buy gold and buy silver?
Call 1-888-GOLD-160 and speak with a Precious Metals Specialist today!


Related Posts

The Credit Risks Hiding Behind the Averages (Video)

As we reported last week, consumer debt continues to break records month after month. Americans owe over $4.3 trillion dollars in revolving debt (primarily credit cards), student loans and auto loans. When you factor in mortgages, the number climbs to $13.54 trillion. That figure was $869 billion higher than the previous peak of $12.68 trillion […]

READ MORE →

Jim Grant on the Ignorance That Knows Not It Is Ignorant (Video)

Jim Grant recently appeared on the Santelli Exchange on CNBC and the conversation quickly turned to this notion that “intellectuals” have the wherewithal to run the economy. Friday Gold Wrap host Mike Maharrey recently explained two very important economic principles that make it impossible for central planners to ever truly succeed. As he put it, […]

READ MORE →

Peter Schiff: America’s Economic Problems Are Self-Inflicted (Video)

Peter Schiff has been talking a lot about the prospects of a trade deal lately. His point: an end to the trade war isn’t going to heal America’s economic wounds. And those wounds? Well, they’re self-inflicted. Peter appeared on RT again on Monday (March 4) to hammer home this point. Related

READ MORE →

Bear vs. Bull: Peter Schiff Debates Louis Navellier (Video)

The stock market has rebounded nicely since those dark days of December leading many analysts to believe precipitous nosedive was nothing but a bull market correction. But Peter Schiff begs to differ. He’s been saying that the rally in stock since the Powell Pause is really a bear market correction. Furthermore, Peter says an upcoming […]

READ MORE →

The Greatest Deal in the History of Deals? Or Much Ado About Nothing? (Video)

The price of gold dropped last week and stock markets continued to rally. One of the driving factors was optimism that the trade war may be close to its end. As a CNBC report put it, “investors opted for riskier assets on hopes of a thaw in a trade dispute between the United States and […]

READ MORE →

Comments are closed.

Call Now