Revolut wants to shine your shoes

[Roy]

'Not too long ago, we announced that you could buy gold directly through the Revolut app. From today, all European Economic Area (excluding Lithuania, Poland, and Hungary) customers can also buy silver in exactly the same way. The addition of silver exposure for Standard, Premium and Metal customers, provides everyone with the opportunity to diversify their portfolio with valuable commodities.

Buying silver is easy

You can invest in silver directly in the app by going to the ‘Commodities’ tab. There you’ll see prices based on real time market data, which we get from our trusted precious metals service provider. You can also set up an auto-exchange, meaning we’ll buy silver on your behalf once it reaches your desired price. Any silver you buy or sell is shown instantly in your account.

Backed by real, physical silver

It’s important to note that when you invest in silver, we don’t actually send you any physical silver, but your investment is backed by actual physical silver. This is held securely in a bank vault in London.

Trade and exchange silver

We’ve made it easy to manage your commodities, too. You can send silver to others on Revolut just as you would any other kind of currency. You can also exchange your silver for gold, cryptocurrency, or e-money. It’s totally up to you.

Spending precious metals

We updated our precious metals terms. You cannot pay in precious metals using your Revolut Card. This means that if you make a payment using your Revolut card, and the only funds you have are in precious metals, the payment will fail.

For more information on trading commodities, visit our Precious Metals FAQ. And please remember: unlike e-money, Precious Metals are not regulated in the UK by the Financial Conduct Authority or safeguarded under e-money regulations. As with all investments, capital is at risk.'

Team Revolut

 

Are precious metals today's shoeshine boy parallel?

[KDave]

Perhaps another shoeshine indicator for the everything bubble yes, perhaps an early indication? 

I would be more concerned if everyone and his dog was interested in silver like they are robinhooding stocks with stimulus pay checks.

[Roy]

55 minutes ago, KDave said:

robinhooding stocks with stimulus pay checks.

This is mainly an American example right?

I wonder if the same applies in the UK though with furloughed workers sat idle and with nothing to spend their money on (holidays, restaurants, footie, hot tubs etc).

Edited July 14, 2020 by Roy

[HerefordBullyun]

Oooooo where do I sign up? I will ask them to post me the precious metal once Ive bought it lol!

Load of old pony!

[KDave]

1 hour ago, Roy said:

This is mainly an American example right?

I wonder if the same applies in the UK though with furloughed workers sat idle and with nothing to spend their money on (holidays, restaurants, footie, hot tubs etc).

Yes that's the theory, it is only a theory but have a read

https://seekingalpha.com/article/4354679-rise-of-robinhood-traders-and-implications

[Prophecy]

When every man and his dogs start fiddling with PMs that's when the regs will start ratcheting up on them.

[Bigmarc]

Apologies for digging up a old thread.

I have a fair amount funds in revolute commodity's. I am trying to work out if this would be affected with the introduction of Basel 3. I am confused buy this as I think to revolute it is a allocated position but to me it's in allocated. I've tried on the revolute forum but no luck. I have heard that Basel 3 will be implemented by the end of the month and trying to work out if I need to move the funds. 

Thank you