JOIN THE GOLD RUSH
A new company is revolutionizing your access to the world’s oldest and most reliable currency.
TRADE WARS. VOLATILE MARKETS. Bank fraud. Currencies that only exist on a computer screen. Is your money really safe? ¶ Many Americans are asking this question today, and wishing we could return to this country’s original form of saving and spending: gold. ¶ Good news: There’s a new debit card that enables any regular Joe or Jane to protect your wealth by purchasing physical gold. With the Glint Pay mobile app, you can instantly own gold bullion that is stored in Brinks vaults, insured by Lloyds of London, and available for withdrawal at any shop or ATM that accepts Mastercard® – without the usual bank fees or an expensive investment advisor. ¶ Log Home Living recently had the opportunity to speak with Glint co-founders Jason Cozens and Ben Davies about the advantages of gold for anyone who dreams of a log or timber home. The problem Glint is trying to solve is obvious, says Davies. “Since the last financial crash, central banks have been printing more and more money, which is unsustainable and erodes your savings as the value of paper money falls. By holding gold, you negate that – and protect your hard- earned wealth against the recession many are predicting.” There has never been a better time to own gold, says Cozens. “We also believe gold is really undervalued, so you may see very significant returns. On average, gold has appreciated by 8% per year in the last 50 years. When you consider inflation is currently around 4%, the case for gold is clear.”
Davies explains that Glint is introducing gold not just as an investment, but as money you can save and spend. “All money can be held as savings or spent for daily needs, or for more discretionary payments such as a vacation or down payment on a property. It just so happens that gold is one of the best forms of saving over time.”
Cozens concurs, pointing to the wealthy families who have saved in gold and used it to make acquisitions out of those appreciated savings. “It has always been a smart ‘investment’ strategy, although we would replace investment with the word savings. There’s never a bad time to put your money into gold; if you save on a consistent basis, you’ll win over time. It’s the safest form of money in history.”
The attraction to savers is obvious: new parents putting money aside for their kids, young professionals building a nest egg for a home or yacht, and mid- career couples can all benefit. However, the merging of gold with Glint’s global digital payments system also means travellers are able to benefit. With this app, there’s no longer a need to exchange cash when docking or flying into international destinations. “Our technology automatically converts your debit payments to the local currency, and the Glint debit card works anywhere Mastercard® is accepted,” says Davies. “That means you’ll zip through without the hassle and high fees of foreign currency booths.”
“When foreign exhange companies say there are no fees, 99% of the time that is a brazen lie,” say Cozens. “They put an extra margin in the FX quote that they give you, up to 5% on average.”
So what does Glint charge? Currently it’s only 1%: 0.5% when you buy gold, and 0.5% when you spend it. There’s also a storage fee of 0.125%.
While there’s something retro about paying for groceries or lift tickets in gold, the benefits address very modern problems – notably inflation, which both founders identify as the curse of the modern financial system. “If you hold money in your bank, it’s depreciating,” states Cozens. “Even though official inflation rates are 3% to 4%, in reality those statistics underestimate our true cost of living. If you are losing 7% on your money through inflation, in 7 years your money is worthless. It has depreciated by 100%.”
If you want to know why gold is so important, just look at the world’s central banks, says Davies. “They all hold huge gold reserves because paper money is too easily manipulated. If people can save in gold and use it as spending money, they’re independent of the systemic risks of the financial system. By using gold, you are safe.”
Safety is paramount for the firm. Glint is regulated by British financial authorities, and every ounce of gold you buy is held in segregated accounts at a tier 1 bank. In the United States, your accounts are FDIC-insured up to $250,000. The gold is held in Brinks vaults in Zurich, Switzerland and is 100% insured.
Glint is set up so that if there is another financial crash and the world’s banking system does collapse, your gold is safe. Even if Glint itself goes down, your gold can be sent straight to you. And consider this: If there is another crash, gold will likely shoot up in value. It typically rises during times of stress, meaning you could be making a handsome profit when the stock market slides.
But what are Glint’s applications for homeowners dealing with the maintenance costs inherent in rural living? “Glint works just like any other account but with better ability to keep track of everyday costs,” says Cozens. You’ll also be able to capitalize on rises in the price of gold, adds Davies. “Your Glint account may increase in value as you tend the garden. Will your regular debit card do that? Putting cash into gold and spending with it allows you to realize bigger savings. Imagine how much taxes, gas prices, fuel costs, electricity, and food have all risen in the last 20 years. Saving and then spending in gold would allow you to avoid all of that.”
What about those saving now for a retirement cabin? Gold is a good option because it’s so steady, says Davies. “If you go to a wealth manager, they can put your money into all kinds of equities, bonds, different currencies. But chances are, you’ve endured a lot of risk and lost a fair chunk over the last 20 years. The risk/reward ratio has been poor, and you don’t have as much security going forward as you’d like. If you have a big dream, gold is the best way to make it come true. It’s lowrisk and it holds value better than paper money. In the last 30 years, gold has gone from $400 to $1300 an ounce.
Glint’s mobile app gives you real-time visibility of your spending, debit balance, and gold savings.