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Category: Glint’s Helpful HInts

Glint’s Helpful Hints: Top tip for topping up

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Topping Up Hint

Topping up your account couldn’t be easier.

On the home screen of your Glint App, you will find a ‘top up’ symbol on the top left under the ‘+’ sign.
You have the option of a bank transfer or card payment; you’ll need to add a debit or credit card to your account if you would like to use card payment; this has a limited amount you can top-up but bank transfers have no limit. Both are extremely safe and secure.

Choose the amount that you wish to transfer.

Glint will process your payments; debit card payments are instant but bank transfers can take longer.

From 4 October, US clients will be able to top up their account via a credit card; UK and rest of the world clients have always been able to use their credit cards to top up their account.

Glint’s Helpful Hints: Has your card been declined?

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card declined

Has your card been declined? There’s probably a very simple explanation.

• It simply may be that you may not have enough funds in e-wallet you are trying to use for payment (for example Gold, USD, GBP or EUR wallet). Glint does not provide credit so, please ensure you have topped up and hold sufficient funds

• Maybe the merchant doesn’t accept the card; some retailers are not CHIP and PIN enabled

• To protect you from fraud all your card transactions must get real-time authorization. If the merchant’s terminal isn’t online then it will decline your transaction

• If after everything your the card continues to be declined, please contact our Client Support Team.

• They are at your service:
In the UK, Europe and the Rest of the World call +44(0) 203-915-811
between Monday to Friday from 09:00 to 18:00 BST/Saturday 09:00 to 13:00 BST or email: support@glintpay.com

In the US only, call between Monday to Friday 09:00 to 18:00 MDT
on (877)258-0181 or email: support_usa@glintpay.com

Glint’s Helpful Hints: Glint’s fees

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There’s nothing more annoying than wading through masses of paper or scrolling through wads of web trying to figure out how much something really costs.

That’s why at Glint we don’t bury our fees in acres of fine print. We want you to feel comfortable using the Glint card, so we are completely transparent about our fees – unlike some companies.

Our fees are very competitive. US clients can find a simple guide to applicable fees here, and UK clients or those in the rest of the world can see the fees that apply to them here. And you get instant in-app records of transactions to help you keep track of spending and stay safe from attempted fraud.

Buying and selling gold

Whenever you buy or sell gold using Glint, we use our simple and transparent pricing formula of rate + fee = total cost.

Fees

We charge a single, fixed fee for gold exchanges. This fee is 0.5%. We also apply an additional 0.5% fee at weekends.

Rate

The exchange rate we use for gold is set by us, and is a variable exchange rate (which means it is constantly changing). You can always see the current gold exchange rate in the Glint app. We stream the best available wholesale market rate for gold. We do not apply any mark-up on that rate unless the markets are closed (for example at the weekend) when we apply 0.5% mark-up on that rate, which is the rate you receive in the app.

There are no further fees or mark-ups applied. The price you pay is locked in at the time of exchange.

We will show you the rate and fee, and the total cost in the Glint app before you make any exchange.

Glint’s Helpful Hints: What does ‘fractional ownership’ of gold bars mean?

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Glint democratises gold ownership through fractional ownership of gold bullion. In these days of rampant fraud, clients are understandably concerned and look for assurance of the safety of the gold they buy via Glint. To help explain our process, we have a robust system of verifying Glint’s total gold ownership.

Glint allows multiple clients, under a legal framework, to own part of an LBMA (London Bullion Market Association) gold bar. Therefore, parts of a bar of gold in the vault may be owned by several separate clients: publishing specific bar numbers would be misleading.

The Glint ledger is the true indication of client gold holdings by volume; this is published in the Glint App as your personal statement.

To verify its total client allocated gold holdings, Glint daily reconciles physical gold allocated between its partners. Each Partner (liquidity provider & Brinks vault) reports daily on the amount of gold purchased/sold and allocated (liquidity provider) and the gold allocated at the vault (Brinks). Glint then reconciles these values against the Glint ledger of record to make sure that Glint has the required holding of client gold allocated at Brinks. Any discrepancies are investigated and resolved in a timely manner. These are then checked monthly by our finance department and ultimately form part of our Corporate Annual Financial Audit.

Furthermore, Glint employs an independent auditor to audit Glint’s gold holdings (on a quarterly basis) in the Brinks vault in Zurich. This audit verifies Glint has the correct amount of gold to cover client liabilities; but it does not verify a specific bar (or part of bar) as belonging to a specific client.

Glint’s Helpful Hints: Money Laundering

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Money laundering – it’s everywhere these days. The United Nations Office on Drugs and Crime estimates that 2%-5% of global gross domestic product is laundered each year, maybe as much as €1.87 trillion ($2.2 trillion or £1.6 trillion). How can you be confident that the gold you hold with Glint is not derived from or used by criminals?

In 2015, the Financial Action Task Force (FATF), an inter-governmental agency which exists to promote policies to protect the global financial system against money laundering, terrorist financing, and the financing of weapons of mass destruction, published a report on the “risks and vulnerabilities associated with gold”. In its conclusion this report says: “gold has intrinsic value, is easily smuggled and exchangeable worldwide and can be traded anonymously… gold’s widespread historical and cultural significance, as well as its potential to legitimise illicit cash, create opportunities for its misuse”.

All of which is true. But at Glint, we scrupulously follow the rules that prevent such abuses.

For one thing, we have a policy of not accepting cash – cash-intensive businesses can lend themselves to all kinds of money-laundering through high-volume, low-value transactions.

We know the source of our gold. Our provider is an institutional-grade financial services network and member of the London Bullion Market Association; the gold is certified to be 99.5% fine gold or better.

And perhaps most important, we implement rigorous “know-your-customer” (KYC) standards; this helps prevent anonymity and illegal activity; and we monitor transactions and investigate any unusual activity.

So your gold is safe, secure, and as invulnerable to malicious activity as possible.

Glint’s Helpful Hints: How safe is my gold?

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In these uncertain times, we know that Glint clients are nervous about being subject of online fraud. Who wouldn’t be? Online fraud has rocketed in the last year.

We take fraud attempts very seriously.

• Remember that no-one at Glint will ever ask you for your PIN and you should not disclose it to anyone else. If someone asks for, don’t give it to them and contact Glint immediately.

Your Glint gold is allocated gold. Gold that is allocated to you, gold that you own.

• Glint clients who hold gold in their Glint account, own allocated gold.

Unallocated gold is entirely different.

• Unallocated gold is nothing more than a deposit held at a financial institution – typically a bank – and legally it belongs to that institution, which can lend it. If that institution fails, holders of unallocated gold at the bank will be required to compete with other creditors before they can get ‘their’ gold.

• With Glint’s allocated gold, even if Glint were to fail, your gold would be returned to you. Glint’s allocated gold is held at secure Brink’s vaults in Switzerland, insured by Lloyds of London.

• Glint has done everything that can be done to ensure that your gold is truly yours, is protected, and held securely.

Glint’s Helpful Hints: Stagflation

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At Glint we like to stay abreast of what’s going on in the wider economy and often have quite in-depth conversations with the whole team to ensure that we are all fully cognisant of current events in the money world. Recently, and perhaps inevitably, the words ‘inflation’, ‘deflation’ and ‘stagflation’ cropped up. Some colleagues were a little shaky about what these terms mean. We thought some of you too could do with a pithy summary, so here goes:

Inflation – is when prices as a whole go up. Wages might go up too, and that means we might all feel richer, but actually we won’t be if prices go up higher and/or faster than our earnings.

Deflation – opposite to inflation. So prices as a whole tend to be falling. Governments hate deflation more than inflation, because people put off spending in the expectation of further price falls; and the economy as a whole slows down.

Stagflation – a combination of a stagnant economy, which is not growing and may actually be shrinking, plus inflation. A truly disastrous situation, in which people see prices going up while their incomes and jobs are at greater risk, because the economy isn’t growing.

Glint’s Helpful Hints: What is ‘Tapering’?

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You may hear a lot about ‘tapering’ in the coming months. The obvious meaning of tapering is that something is becoming thinner or narrower.

By extension, ‘tapering’ is used in a financial sense and means the winding down of an existing monetary stimulus programme. As a result of COVID, governments around the world have injected money into the system to help fend off an economic downturn.

Following the 2008 financial crash, central banks embarked on what they called ‘Quantitative Easing’ (QE). QE involves a central bank doing large-scale buying of assets such as government and private sector bonds, mortgage-backed securities, even stocks. The Bank of Japan has been using QE for around 20 years. The US Federal Reserve had three rounds of QE between 2009-14 buying $4 trillion of ‘assets’ such as US Treasury bonds, stocks. The European Central Bank (ECB) is currently buying €21.1 billion of private and public sector bonds and other assets. The UK’s Bank of England has a similar policy.

The US Federal Reserve currently buys $120 billion of bonds each month. Governments and central banks hope that such massive injections of liquidity into the system will prevent deflation, economic collapse, and will encourage the business world to invest more for future growth. However, QE is still at the experimental stage – no-one knows for sure that it works, nor how much it stokes inflation. As Stephen Williamson, former economist at the Federal Reserve Bank of St. Louis, has written: “QE is controversial, the theory is muddy and the empirical evidence is open to interpretation, in part because there is little data to work with”.

And now, with inflation levels rising, the US Fed is starting to re-think its current $120 billion a month purchases. It has started talking about ‘tapering’, i.e. reducing its level of bond buying, and possibly raising interest rates. Wider investment markets have been buoyed in the past few years by the very lax monetary policies of governments. A reduction in asset purchases by central banks – a ‘tapering’ – will signal the start of higher interest rates, and a tightening in money supply; credit will become more expensive, and the prices of assets (such as houses) are likely to stop rising so fast.

Governments believe that QE has kept their economies from suffering worse than they have under Covid. They worry that if they start ‘tapering’ – or even begin to talk about it – then confidence might be damaged. We are in a period of deep uncertainty; when will the current round of QE start to taper off? The ‘punchbowl’ is going to be taken away; you have been warned.

Glint’s Helpful Hints: Inflation and deflation

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Inflation is back in the news on both sides of the Atlantic. In the US in 1974, President Gerald Ford called inflation ‘Public Enemy No. 1′. But what actually is it? And what is its opposite, deflation?

The International Monetary Fund (IMF) defines inflation as being how much more expensive goods (e.g. a car or a house) and services (the plumber or electrician for example) become over a certain period, usually one year. Measuring inflation – how much prices have gone up – can of course be done in various ways and over various time-periods.

Governments tend to measure inflation month-by-month, using a basket of goods and services, and then extrapolate that to an annualised rate. What that basket contains – the Consumer Price Index (CPI) in the US – is tweaked from time to time, to try to reflect changes in consumer spending.

So for example, UK inflation as measured by the Office for National Statistics rose 2.1% this year in May, up from 1.5% in April and the highest level since July 2019. The figure for the US CPI in May was 5% year-on-year, the fastest rise in almost 13 years. Prices in general are thus this year running about 2.1% higher in the UK and 5% higher in the US than last year.

Even small rates of annualised inflation can have a large impact on consumers’ purchasing power. For example if inflation is running at 0.25% month-on-month, about 3% on an annualised basis, that compounds to a 14% loss in purchasing power – what your fiat currency can buy you – over five years.

Some companies – particularly in the fast-moving consumer goods (FMCG) sector respond to price inflation by making smaller packages of a product yet charge the old price: this is called ‘shrinkflation’. That way they can surreptitiously cut their costs while hoping consumers don’t notice they are getting less for the same money.

Deflation is a decrease in the general price level of goods and services over time. This means that you could tomorrow (or next month or year) buy more of the same with the same amount of money. A consumer might think that deflation is a good thing – what better than falling prices?

Bu that’s not how central bankers, policymakers and governments think. They agonise over trying to get just a little inflation – the US and the UK both ‘target’ inflation to be around 2% a year – in the system, and trying to keep deflation out. The reason they loathe deflation is because falling prices means that consumers put off spending, in the hope that prices will fall even further. Companies respond to falling prices by slowing production, leading to unemployment, lower wages, greater demands for state income support, and so on.

So governments are happy to sacrifice your purchasing power – which gets reduced over time thanks to inflation – in order to keep the wider economy stable. They want inflation – just a little bit – and don’t want deflation.

Yet inflation really is a good candidate for Public Enemy No. 1. Inflation steadily, stealthily, reduces your wealth. What you could buy for $1 in 1971, 50 years ago, would require $6.56 today; that 1971 Dollar today buys you just 15.04% of what you got 50 years ago. A similar story holds true for the UK; inflation averaging 5.6% a year since 1971 means you would need £14.46 today what you could have got for £1 fifty years ago.

Inflation is caused by many things and impacts on many sectors of an economy. The question for policymakers today is – is the current inflation spike controllable?

Crowdfunding is now live!

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We’re all delighted that our crowdfunding round is now available in both the UK & US – we’ve got off to a flying start already surpassing £1m in the UK & Europe through Seedrs just a few days after the public launch. US investors can visit Republic to join the Glint crowdfunding community.

A reminder of Glint’s mission: we are democratising and digitising real gold to be used as everyday money. Your support is vital in helping our growth as we continue to offer a real alternative to a failing monetary system.

Just in the last few days we’ve had several stark reminders of why a reform of the current financial system is so vital.

In the last week, we’ve seen inflation stats from China, the UK and the US – up 0.9%, 1.5% and 2.6% respectively. The UK will surpass the Bank of England’s 2% target and hit 2.5% later this year whilst in the US it could even hit 6%. This is staggering and has a frankly terrifying impact on the value of our cash and savings.

Last week, the FTSE 100 fell by around 2.5%, losing almost £50bn whilst the Dow Jones saw a 3% drop over 48 hours.

And the cryptocurrency market is collapsing around us. Elon Musk’s tweet suggesting that Tesla would exit the Bitcoin market sent prices plummeting. As prices stabilised and then began to recover, news from China that it was cracking down on crypto and tightening restrictions on financial institutions with services dealing with the digital currencies, sent crypto prices into freefall – the price of Bitcoin dropped a third in less than 24 hours. Some investors will have seen thousands wiped off their portfolios within a matter of minutes.

All the while, gold has been going under the radar. It’s seen its value rise by around 10% in just six weeks and after being maligned for months is suddenly one of the only assets performing well.

Of course, gold’s value can decline, but it has been a store of value for centuries and has proven its long-term reliability. In my view, the current climate makes gold once again the premier hedge against inflation, uncertainty and the erosion of our purchasing power.

Now is the perfect time to invest in gold and invest in Glint to be part of the future of money.

Jason Cozens