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Category: Campfire

Around the campfire: $1,800 Gold – Here at last!

It's felt like a lifetime coming but it's arrived at last - the gold price has broken through the $1,800 per troy ounce barrier and I'm certain that i...

10 July 2020

Jason Cozens

It’s felt like a lifetime coming but it’s arrived at last – the gold price has broken through the $1,800 per troy ounce barrier and I’m certain that it has much further to go.

It’s been almost a decade since gold hit its all-time peak. Back in September 2011 – when Glint was still a twinkle in my eye – the gold price touched $1,896.50 an ounce. The price is now within spitting distance of that once again.

As I have said here before, my dream of restoring gold to its place as universally used money came out of seeing the queues of people around a Northern Rock Building Society office in September 2007. They were anxiously waiting to withdraw their funds, as the UK suffered its first bank run for 150 years.

So much has happened since 2007, when you could sniff panic in the air. The country was just a few steps away from a financial meltdown and the fear was palpable.

And yet, when you think about it, very little has changed in the intervening years. Northern Rock – like so many other financial institutions in the UK, the USA and elsewhere – had pursued a strategy which I can only describe as bonkers. It can be summed up as ‘bigger is better’ – borrow money to grow, grow, grow. It all fell apart, very badly. And now, once more, governments have decided they can live on credit. Well, interest rates are very low, so perhaps they can, for now. But very little lasts forever, although, funnily enough, gold does.

As you know, my philosophy has always been that gold could be used to spend, save and be used as it always has been, as money, and of course this led to me setting up Glint. The rest is history – except it’s also the future, too.

As governments around the world are turning to that fabled ‘magic money tree’– which isn’t growing in my garden plot, is it in yours? – they are splashing paper currencies around like so much confetti. And like confetti, it may fall onto the damp earth and slowly decay. I might find some of it useful to mulch my vegetables with.

But for reliable money, that will increase in value even when all around us, financial institutions are still being bonkers… give me gold any day of the week.

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