Episode Transcript
Mesh is the future of investing, and it’s open to all. Discover a wide range of tokenised financial assets, invest directly and watch your portfolio grow. For a limited time only, Mesh investors can buy Krugerrands at the best retail price in the market and on a fractional basis using blockchain technology. Tradition meets tech, with gold remaining relevant as a store of value even when the world changes around us. Visit mesh.trade for more information. Mesh Trade (Pty) is a licensed Financial Services Provider, FSP number 53710. Please do your own research and remember that nothing you hear on Magic Markets is advice, nor should you treat this as an endorsement.
The Finance Ghost: Welcome to episode 214 of Magic Markets. This is going to be a fun one. I think we're herding sheep a little bit here - we're herding cats, actually, because they're much harder to keep under control than sheep. We've had a very fun conversation before hitting the record button as we got to know the team at Mesh.Trade, and we'll be getting to know them a lot better on Magic Markets in months to come because they are busy with some pretty interesting stuff.
A couple of us go back a few years, which is always fun as well, and they're really doing some interesting things that are going to make for excellent conversations on the podcast. Moe, before we welcome our guests, you will actually be doing a webinar with them in the near future. I've had the great honour of seeing the advertising banner that they are using with a picture of you that is not just pre-Covid or pre-Lost Decade - I think it is pre-GFC! I almost didn't recognize you. Very nice, though. Very good. I hope you'll live up to expectations of that snazzy photo.
Mohammed Nalla: Ghost, it's such a pleasure doing this and I'm going to go straight into that picture comment, right? Because that picture, I'll tell you how long ago that picture actually comes from. It's when I first started buying gold – so it's just after I didn't have any hair. Jokes aside…
The Finance Ghost: …I was going to say, I'll tell you which one is aged better. Sorry to tell you, but it's the gold for sure.
Mohammed Nalla: The gold has aged better than me, undoubtedly. That's why I love gold, right? Let's not detract from the discussion we're going to be having with the team at Mesh. I'm really excited. We've got Connie Bloem, who's the MD of Mesh. We've also got Rob Mackay and Rob, you and I go back a long time ago. We worked at one of South Africa's large investment banks. I think back when I started buying gold, and that's like a lifetime ago, right? You'll remember me as a bit of a gold bug.
The reason I'm excited about this discussion is that Mesh is looking at actually introducing gold on their platform. That's what we're going to be discussing on a webinar as well as on this podcast. That webinar is going to be in a week's time. In the detailed transcript of this podcast, we will post a link for you to go and register for that webinar. It’s a slightly different format - on the webinar, you're going to have the ability to ask questions, engage with both myself as well as the team from Mesh, and we're going to go into the entire investment narrative on gold, the history, why we actually talking about this, as well as how you can access gold as an investor, why that makes sense today in the kind of fractured times we're seeing today. That's a very long intro. And with that, Ghost, I'm going to welcome Connie and Rob onto Magic Markets.
Connie Bloem: Hi, Moe. Hi, Ghost.
The Finance Ghost: Look at them, shy to say hello. They don't even know it's only going to get harder from here with questions. No, I'm just kidding.
Connie Bloem: We’re a bunch of nerds. So we’re allowed to be a bit shy.
The Finance Ghost: There we go. Finance nerds, hopefully. And I know Rob is sitting there quietly. Rob and I also know each other from way back when, which is really fun. So it's going to be quite cool to have some of the chats today.
I think, maybe before we get into the gold stuff - and by the way, I highly recommend that you do go sign up for that webinar, because if there's one thing Moe is very good at, it's talking into a camera. He's actually a wasted talent on a podcast, so please do go and watch the webinar. Genuinely, his webinars are very, very good.
Before we talk about gold, Connie, we've had you on the show before, I think towards the end of last year, bit of a hazy memory for some because there was a whole holiday in the middle. I think maybe before we jump into talking about gold, let's just spend literally a minute on a quick overview of Mesh for those who haven't met you or heard of you before, haven't seen any of your very cool adverts doing the rounds. What is Mesh? What are you guys about?
Connie Bloem: I was going to say something about Moe and that picture, maybe comparing whether he's as good on video or not, but we look forward to joining the webinar with you guys. But other than looking at pictures and talking about cool gold assets, what is it that Mesh does and why do we exist?
Mesh is something called a multi-sided platform and it's based on blockchain. What we are trying to do in the market is compress the market so issuers of assets can directly sell their assets again to investors. This is important because traditionally in the capital market, investors and issuers firstly don't sit around the same table. You almost never meet each other, you never actually know the people behind your assets and there's so many layers of agents in between. And I'm not talking here about people that are knowledge based and really know their stuff and help you to make better investments or better structures and better issuances. I'm talking about all that wasted space in between of where one paper is just pushed to the other.
Our platform comes in and resolves all those problems and issues and we're doing it in a very exciting way. I mentioned that we're blockchain based. All assets that are listed on Mesh are defined as smart assets and they’re tokenised, so they trade in token format. The best example of this is that we have a corporate bond listed on the platform and you as a retail investor can invest right alongside your bigger institutional investors as well. Now this dream is not just a dream around one singular asset. We are pushing this out to the entire spectrum of assets available in capital markets. whether you're an ETF, ETF, bond, equity or gold asset, as we're going to be talking about today, we have all of them on our roadmap to come to our platform. Basically your one-stop shop for global capital markets.
Mohammed Nalla: Connie, I want to jump in there because I think where we are at this point in time, recording this podcast, things like blockchain and crypto - that gets a lot of people, some people are comfortable with that, absolutely, but also gets a lot of people's backs up. And that's because, over the weekend we had the US President Trump's administration allowing a strategic Bitcoin and Ethereum reserve. Then we saw this massive spike in Bitcoin and then a massive collapse after yesterday's announcements. Now they're saying we're going to make these crypto assets capital gains tax exempt. There's a lot of noise in the space.
That's why I want to latch onto the point that you just raised now is because we're not necessarily talking blockchain, we're not necessarily just talking cryptocurrencies like Bitcoin. We're talking multi-asset. And that's in fact the point that we had raised with you when you were on the show with the team from AnBro as well, because that's the part I was most excited about as a retail investor.
Quite often you're just focused on equities. You don't really get the ability to get exposure to commodities, you don't get the exposure to fixed income assets. And that's what Mesh is bringing to the table here with your blockchain-based technology. Effectively, I just want to stress the point and again, maybe just touch on this with you, you are a multi-asset class platform, so you're almost asset class agnostic. It doesn't matter what's happening with cryptocurrencies necessarily, it doesn't matter what's happening in equities. What you're doing is you're providing an easy and accessible way for investors to access multi asset classes. Is that a good summation?
Connie Bloem: I think it is, yes. In this instance, you must see the blockchain as infrastructure because whether you are looking at a cryptocurrency, a bond, an equity, whether it's trading in a tokenised format does not actually increase or decrease the risk of the assets, the fundamentals of the asset class that you're dealing with. Blockchain applications and use cases are far reaching and you can use this technology to trade traditional assets, things that you're used to having. I think your point is very relevant and very strongly made around multi-assets on a single platform. We have everything from cryptocurrencies, stable coins, ETFs, ETNs, bonds, equities on a single platform, which has never before been done in the market. We like to use the term game-changer to be able to access all those assets. Yes, they are based on a crypto asset, which means it's a token, but it does not mean that a tokenised bond is the same as Bitcoin or Ethereum.
The Finance Ghost: Yeah, I mean it's quite amazing to see blockchain technology and gold come together, right? It's like Boomers still going to Tomorrowland, these two generations just coming together but without all the body aches for a week thereafter. Or at least that's what you're looking to avoid when you're buying gold, you're hoping that long-term it's going to be less painful than a lot of the stuff in your portfolio.
Rob, maybe this one for you, what is the benefit of taking this route to add gold to your portfolio as opposed to just going and buying a traditional gold ETF? Because to my knowledge, these things do exist. You can go buy them. What is the reason to go this route with Mesh?
Rob Mackay: I think it's a multi-faceted, probably multi-pronged answer. But the fact is you could go to many a dealer and or distributor that is registered and buy whole Krugerrands at the same time. What we've done is we've found a way that we can actually hyper-fractionalise it. You don't actually need to have the full value of a single ounce of bullion to be able to participate in the gold market. It goes back one step further even, because what we're trying to do at Mesh is we're trying to find good quality alternative assets that are available to everybody in the market. Now currently, to be able to spend nearly R60,000 on a single ounce of gold isn't actually available or doesn't make it available to everybody in the market. Our aim is to make it available. R50 minimums is that availability, you can buy to seven decimal places of an ounce of gold for an incremental value to build up a position. It then fills the commodity section or carve-out of your model portfolio. It adds to the diversification of a normal investment portfolio. The gold ETFs are quite cost heavy and aren't necessarily always as well audited as gold in a vault. You don't get the capability of when you've built up the full ounce of gold to be able to redeem it physically and have the gold, a 1oz gold coin, delivered to your front door, which Moe would be very happy about because he's such a gold nut. Imagine a guy from a courier business knocking on your front door, Moe, with a 1 ounce coin and a special packet for you.
Connie Bloem: Moe, do you actually keep your gold under your mattress? So is your bed raised by the amount of gold that you're keeping there at your house?
Mohammed Nalla: I keep it in the couch. I believe that's the preferred place to store value.
The Finance Ghost: Only those little Woolworths Coins that he eats on the inside - I actually had the great joy of holding, it's going to sound ridiculous, but someone I know has a whole bunch of Krugerrands, and I had this joy of holding like 10 of them in my hand. Then you think about how much that's worth and there is something, I don't know what on earth it is about looking at that much gold and in that moment you're like, yeah, no, Lord of the Rings makes perfect sense. I would also build a huge thing under a mountain and fight a dragon for this. It's great. It's beautiful. Look at it. I don't know what it is. It's so strange.
Connie Bloem: Isn't there a Philosopher's Stone story in here as well?
The Finance Ghost: Somewhere! But genuinely, it's quite a weird - there's a million stories told about this. It's the allure of gold. Yes, when you buy it on a screen, you don't necessarily get the shininess, and maybe that's a good thing. But the point is, if you do actually build up to the point where you've bought yourself a Krugerrand, you can actually get the physical if you want it, as opposed to having to have all the money upfront, which I think is quite interesting.
Mohammed Nalla: Yeah, I think I'll jump in here. In terms of the allure of gold, and again, if you want to know about the history of gold, this is exactly the kind of stuff we're going to get into in the webinar. I'm not going to detract from that. If you're interested, please go and click on that and register. There's no cost associated. We hope to see you on the call and we hope to field some of your very interesting questions.
But going back to it, there is this allure. Gold is - some people call it the timeless classic, other people call it this historic relic. Whether you love it or hate it, the fact of the matter is that gold has become relevant. It's become relevant because of its safe haven appeal. I think we've got it trying to test the $3,000 on psychological level, it's really struggling there. But in times that we find ourselves in right now, with all the uncertainty around trade tariffs, the uncertainty around who's allied with whom, that makes a lot of sense in terms of diversification in the portfolio and we can get into that. The point I wanted to raise and that what I really like in terms of this offering that's coming through from Mesh, is your ability to convert. First of all, the ability to fractionalise because that's about access to market. I think Rob mentioned R50 rand, which basically means you're going to be decimalising this into I think it's 6 or 7 decimals to actually get there. I think we mentioned this off-air and I like to just put that on the cards there.
The interesting thing is back when I was starting to buy gold, the start of my career, we're probably looking at around R3,000 to R5,000 an ounce. We’re now at R50,000 to R60,000 an ounce. It's become a lot less accessible. On that basis, owning that one Krugerrand is aspirational for many people. As Rob indicated, you're not going to go out there and buy an entire ounce and drop R50,000 or R60,000. This gives you a means to slowly put away some money, maybe get some cost averaging in terms of your access to gold. When you've accumulated enough tokens to effectively be the equivalent of a gold coin, you now also have the option to convert that into a physical gold coin, which I think has a lot of appeal because people like Ghost can then actually look at this and utter “my precious” and start storing that in his couch perhaps.
The Finance Ghost: Well, you raise that price of a Krugerrand. You've actually just triggered such a good memory Moe from basically the start of my career as well, when the rand was a very different animal. I actually remember when I started my articles, taking a few months’ worth of savings, you've just started your savings journey, and kind of going “oh I can afford a Krugerrand” and then making that classic error of stepping straight into the massive bid-offer spread of buying a Krugerrand through your friendly local coin retailer where the buy and sell price - if you've ever been to a forex desk at an airport and you've wondered how it's possible that those two numbers are so different, it's very similar or at least it was then when you were buying these coins. There are a lot of things to consider here and actually we wanted to ask this question, we may as well ask it now. How will this work with bid office spreads? The price of a Krugerrand coin is effectively fractionalised on the platform, is that the mid-price or how exactly does it work? Is it a direct conversion of the gold price? How does it actually work?
Rob Mackay: Effectively the fractionalised cost, that R50 indicative, is going to be a direct link to the subscription price on the day that the book closes and the gold is then effectively tokenised. What we're doing currently is we're running an indicative pricing which is the gold spot price. For your listeners, what a lot of people don't realise is that the journey of a Krugerrand isn't just spot gold, right? You have spot gold which is the price that the refinery gives it to you at and then there's a whole bunch of costs involved in manufacturing the coin, getting it to market, logistics - and then there's a margin added by the dealers and then you get to a price effectively. What we're doing is we're creating an indicative price which is gold spot or Krugerrand spot. It's slightly better than gold spot because it's come through the refinery process plus then the fixed margin which is paid to the overall dealer through the refinery and then the other margins for the registered coin dealers. That indicative price is what we're raising via the book build. When we close out the coin, the subscription at the end of the next couple weeks, we will then fix that price which is governed by spot and obviously it has an exchange rate element into it because your gold spot is quoted in dollars and the rand dollar moves as well. You've got both the dollar price of gold moving and the rand either appreciating or depreciating against the dollar in that period of time. On the subscription date it'll be fixed and the 1oz token will be priced at that subscription close. The incremental averages or decimal places for the R50 will then be directly linked to that price. That's for the primary issuance.
When someone wants to utilise the secondary market, we operate the secondary market or make it available to investors and issuers. That'll be done on a willing-buyer, willing-seller basis. And Ghost, if you've bought an ounce token but you actually want to sell a portion of it and you offer it for sale, if someone likes what you've offered it at, it'll be filled by a willing buyer and then that process is that the tokens will swap out. Just to add, because I think it's probably quite valuable, is that because it's a closed period, we're going to then further create an ongoing almost bookbuild. Through the indication of demand, there will be further issuances, but not at the discounted price for this initial gold offering.
The Finance Ghost: So just to be super clear, there's no market-making in it from a Mesh side. It's very much willing-buyer, willing-seller. Someone else on the platform has to buy your gold from you down the line if you want to sell it.
Rob Mackay: Yeah. Mesh isn't a market-maker and it's not a role that we fulfil. We're agnostic to the process and we want the marketplace to operate without us skewing any of the transactions that are there.
Mohammed Nalla: Okay. So I mean, just to simplify this. In terms of my understanding, Mesh is currently running a bookbuild on gold. It's linked to the rand price of effectively Krugerrands. You're offering up to a 3% discount for this initial bookbuild, right? I think that's part of the attraction. And that's again, why you want to register for that webinar. I know I'm referring to this a lot, but go and check that out.
That's open for a limited period of time. Once that happens, you close off the bookbuild. Thereafter, the price of the token will effectively track what's happening on the rand gold price. Your ability to get in and get out will be based on a willing-buyer, willing-seller basis. But again, if you're looking at getting in and as demand ticks up, Mesh will be running subsequent bookbuilds, not necessarily at the discount that's being offered on this initial one. Then, again, the price of those subsequent tokens will effectively be tracking what's happening on the rand gold price. Rob went into a lot of the process. I just want to make sure that it's very clear for our listeners. Is that accurate?
Connie Bloem: I think that is very accurate, Moe. What I can add to that description that you just gave is because this is a token and asset that is launching and is based on willing-buyer, willing-seller, it may track the gold price, but also there's a very real possibility that it becomes a desirable asset and it does create a trading pool of its own. One of our missions as being the platform - and Rob said that Mesh does not take party to the trade, so we're not a market-maker, is we also open up this market to other market-makers. So if Moe decides to take some of those coins underneath his bed and bring it into the space, he could effectively make the market as well. You could set a price, you can have that sell-off as well. Theoretically speaking, this should create a market that is more accessible and more liquid because there's less monopoly involvement in it as well.
The Finance Ghost: Maybe while we're just talking about how it works, Moe, you've mentioned that discount there, there's 3% or up to 3% to be correct, which is the discount in the window period. I think maybe it's worth understanding from a Mesh perspective - I'm not sure, Rob, if you want to take this one, or Connie, you know why this discount is there, I suppose why it's “up to” 3%. What could that actually mean in practice? And then what are the fees for actually doing this? Because obviously Mesh needs to make a living somewhere in all of this, so there must be some fees somewhere and I think it'll be good to understand that as well.
Rob Mackay: I'll cover the first bit and then Connie can cover the fee section. So why the 3%, or why the discount? So firstly to why there is a discount, is the partnership with Troygold is a new partnership that we have and we're a new distribution channel for them and it is an asset that we've been wanting to be involved in and list for a very long time. Troygold has negotiated a discount for us for the primary issuance.
And why up to 3%? Because if you go and do a Google search for a Krugerrand and ask for the price today, dependent on who you ask and what list of providers it finds for you, there is a very - to your earlier point, like the forex trader at the airport, there's a wide range of prices available in the market dependent on how many coins you're going to buy, who you're going to buy them from. That's why it's difficult to say definitely it's 3%, it's 4%, it's 5%, it's 1.5%. Because some people on certain days, depending on what inventory they have, may be trying to get rid of stock, almost like a motor vehicle dealer, to fill up again and they offer it at a discount in the market. And that then is reflected by a lower discount on what we have to offer. But that's why we've said it's up to, it may even be more on the final day, but we've limited it to a conservative window so that it's available to the future client base.
Connie Bloem: Then speaking to the fee component, I think gold is always interesting when it comes to fees because you have a physical asset somewhere and generally when you buy it, very few people are upfront and honest around what that fee entails. So many a times if you buy gold in the form of ETFs or some digital version that you buy on a screen, you then get a bit of a shock hitting you where it says ah, vaulting fees, transport fees, handling fees, insurance fees. I have an engineering degree and applied mathematics degree and sometimes I can't figure it out myself. I've been in this market for how long and I can't understand what some of the short-hands are. What we've done in this approach is say no one understands this, let's make it easy to deal with. We've taken some of those vaulting fees and those insurance fees and we effectively just spread it into the price.
The primary market price that you see has a 1.2% vaulting and handling fee spread into it. When you then trade this asset in the secondary market, you have two years of vaulting fee included so you can trade that fee out over the life-cycle. The first fee that you need to be aware of is the spread of the vaulting fee and the handling fee that Troygold and Mesh has added. Rule of thumb is 0.5% for Troygold per year and 0.1% for Mesh per year. What this means is your asset is stored in verified and secured vaults with Brink’s. It's audited, so you always have eyes on the prize that no one gets their fingers into your vault or underneath your mattress. And then the normal handling and facilitation of this asset fee, we're clear about that, we’re up-front about it for two years. Then what about trading fees? Well on the primary market, there is none for you, it's spread into the price, but it's an under-market rate as Rob just mentioned. But on the secondary market, there is also a trading fee which is a 0.4% trading fee. Anyone that trades commodities knows that is way under where the market is currently trading. We've seen fees up to 2.5% or 3% on the commodity side for brokers handling it. The lowest that I've really seen in the market is 0.6%, so we're coming up at a very competitive price of 0.4% there on the secondary market.
So those are the general fees that are included and every two years we'll do another two years’ worth of vaulting fees from there, which you can either fund up-front or we can slice off your holdings.
Mohammed Nalla: Connie, I think that's really valuable because I think investors need to understand some of the complexities. As you've indicated, as Rob has indicated as well, I think that was some of the failure in the market linked to - whether it was ETNs or other exchange listed product that were out there - is this lack of understanding that there are these fees if you want to hold gold. No, not everyone's going to keep it in their couch. I say that tongue in cheek, not everyone's going to keep it in their couch, you want to keep it in a secure vault!
I think that's where I want to land on this particular discussion. Right now in terms of the global context, we've got the US Trump administration wanting to go and audit Fort Knox, make sure they're bars of gold sitting there. With this particular offering from Mesh and from Troygold, these tokens are effectively backed up one-to-one, buy real Krugerrands that sit in a vault. Maybe just quickly run us through, where's that sitting? Who's the custodian? What's the vault? We know you've indicated what you're paying for it. We just want to know where is that gold? How, often is that audited? This is again for the people that wear tinfoil hats like Moe, maybe aren't keeping it in the couch. Why should they be looking at Mesh? What are some of those checks and balances on the back-end? I think that's a nice place to land this particular discussion.
The Finance Ghost: Moe's planning a heist here. Ocean's, what is it, 13 by now? I don't know how far the movies went, but it sounds very dicey. This man wants an address!
Rob Mackay: There is no address on the actual website of the provider, but I'll take that if Connie doesn't mind. So Moe, there are two parts to that. There is vaulting and storage and then there's insurance. The vaulting is managed in a secure vault. I won't tell you where after your tin hat “I'm going to Ocean's Thirteen” vibe. But it's a secure vault within a secure, very secure environment managed by Brink’s, which is an international, multinational gold storage provider. They have vaults in Switzerland, London, New York, Johannesburg. This is what they do. They secure and secure-store gold. Troygold shares what they call a cage with one of their banking partners. That's a ring-fenced, carved-out area within the Brink’s environment.
Each of those coins that are sitting inside of that cage, there's a formalised audit quarterly and then there's a monthly certification event where they go and ensure that each of the serial numbers matches each of the coins. A gold certificate is issued which is available upon request and can be emailed to anybody who requests that, us and/or Troy. Then the gold itself within the storage environment is insured by Lloyds of London. That's part of that cost that Connie alluded to in terms of the 0.5%, part of that gets paid as an insurance policy to Lloyds of London to underwrite that the coins are actually stored and if something happens then you will get paid out. Moe, you're right, each token - each 1oz token is physically linked to one 1oz Krugerrand and the Krugerrand has a serial number. You can show the link. Then if you buy the hyper-fractionalised, Mesh provides certification based on your co-ownership and proves the co-ownership of that 1oz token which then is linked to a 1ozKrugerrand coin.
The Finance Ghost: You'd be a bad spy because the hadedas are giving away your location there, it’s Joburg! That's where you're definitely planning any bad activities from. That vault sounds pretty epic. It's Gringotts Bank and guarded by dragons - take your pick from all the fantasy novels. I imagine the real-life thing is somewhat less exciting but still pretty amazing to have all that gold stored like that.
I guess as we bring the podcast to a close and maybe Moe, this is something you'll cover on your webinar, or maybe I'll come on as a mystery guest and ask you some really awful questions. It's really interesting to look at investing in gold as the commodity versus the mining houses, for example. You just get completely different risks. You're not running the risk of what happens at a specific mine, if there's flooding or there's civil unrest or something goes wrong in that country or whatever the case may be. The operating leverage in mines means that when the gold price is really doing well and it's running by more than inflation, then sure they can make an absolute fortune. When the gold price is not doing so well, the mines don't do particularly well. The operating leverage works against them. The other difference to take into account is that the mines will pay you a dividend, assuming they do well. The physical asset obviously will not pay you a dividend. Lots to think about it, but there are many who prefer to go the route of the commodity and this is an interesting way to do it.
I think to bring the podcast to a close, maybe just to give people a sense of timing. How long does it take to open a Mesh account? What are the sort of minimum deposit requirements and then when is this window closing with this up to 3% discount?
Connie Bloem: Opening a Mesh account is quite easy. You go to our website at mesh.trade and you click on the sign-up button. That will take you through a step-by-step guided phase of onboarding yourself, in which you will need to register with a email and password. As a financial institution, we take you through your KYC verification journey. You're going to have to submit your ID document and your proof of address. Then it's just a hop-and-a-skip to fund your account with rand. It's a very easy transfer from your bank account to load.
How much should you add? My answer is always going to be as much as possible! But whatever you are comfortable with, you fund your account and you submit your order on the Troygold asset listed on our marketplace. It's very easy to find. It's our top asset. It has a lovely golden sheen on it so you can't miss it.
If you are afraid that you're going to miss this journey and miss that it opens, there is a waiting list available for you that you can sign up and that waiting list will also prompt you with a step-by-step process through the phases so you can't miss it. Just follow the email prompts and it will guide you through the way.
This opens up in a in a few days’ time, next week to be precise. It's a two-week window in which you can then subscribe and will settle then at the end of March. So 27th March is your end-date after which you will be able to trade it on our secondary market. If you're missing out on the discounted price, you can still get it on-platform post-settlement.
Rob Mackay: Can I just add one quick thing? On the minimums Ghost, we don't have minimums, Mesh doesn't set a minimum, but certain of the assets are loaded with a minimum. Some of them, if you want to buy certain of them, they have minimums and some of that is regulatory. You would have to fund your account with whatever that minimum would be. But in this instance, if you're looking for gold only, as we've said, you can buy it for R50. The minimum would be R50.
Mohammed Nalla: Thanks so much. I'm really excited about this launch. I'm excited about our webinar next week and a 3% discount. When's the last time you've heard of a discount on a Krugerrand? They usually trade at massive premiums. I think that should tickle many investor’s appetite out there. Have a look at the Mesh website, as Connie indicated, it's mesh.trade. go and have a look. If you have any further questions, the team at Mesh are certainly receptive to this. You can actually send that through to the team, they will get back to you with regards to your queries. Remember, that webinar is coming next week. Check out the link in the transcript to this podcast and you'll be able to register for that and you can ask us your questions on that webinar as well.
Ghost, unfortunately, that's where we've got to leave it in the interest of time. Connie, Rob, it's been a pleasure having you and the Mesh team on the podcast this week and looking forward to actually hosting that webinar with you next week and to this exciting launch. To our listeners, we hope you've enjoyed us. Hit us up on social media. It's @magicmarketspod, @FinanceGhost and @MohammadNalla, all on X or go and find us on LinkedIn. Pop us a note on there. And until next week, same time, same place. Thanks and cheers.
Rob Mackay: Bye.
The Finance Ghost: Ciao.
This podcast is for informational purposes only and is not financial or investment advice. Please speak to your personal financial advisor.
