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Gold Redemption – Can I redeem my Glint physical gold?

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29 April 2021

Billy Alcantara

Clients have asked us if they are able to redeem their gold with Glint and receive actual physical bullion.

All physical gold is legally owned by the client therefore, clients can redeem their gold but we should point out that it is not the most efficient and cost-effective way to buy gold for physical delivery. Glints vaults only hold 1kg and 12kg bars, so any redemption requests smaller than this will involve a refinery and or a third party which comes at a cost. We specialize in the spending of gold on your Mastercard using live market rates with zero fees.  If however you still wish to redeem your gold with Glint rather than use it as money, these are the steps:

1. We allow clients delivery of their gold in the form of bars subject to a minimum volume of 10g, plus fabrication & delivery costs. You may be subject to tax depending on the country/state in which you live.
2. The gold purity is 0.999 and there is no specific mint. Bar sizes are 10g, 20g, 50g, 100g, 1oz, 10oz or 1kg.
3. Clients must already hold a Gold balance with Glint before it can be redeemed.
4. Fees for delivery are charged up front in gold so you will need to have sufficient funds your account to cover that cost.
5. Redemption fees are also at a premium due to the pandemic.
6. If you advise the amount of gold you wish to redeem, we will provide you with a quote (send to goldredemption@glintpay.com). Please note that as this is not a static price, the quote will only be valid for 10 minutes. Just as a reminder, please only contact gold redemption if you require physical gold and you have the minimum volume (10 g).
7. Once you confirm you are happy to proceed, your account will be debited the relevant amount of gold plus fees and your gold will be shipped to your address registered at Glint.
8. Your gold is covered by the shipping companies insurance while your package is in transit (via USPS, UPS and FedEx).
9. Delivery times are up to four weeks.
10. Once you own the physical gold you will need to find an appropriate dealer if you wish to sell it. Glint does not have the capability to accept gold back once it is redeemed.

Your record of ownership is the Glint ledger which is reflected on a personal basis in the app as your gold account balance. The transaction statement is effectively your receipt of purchase and statement of ownership.

Glint operate a tripartite reconciliation of its client’s gold holdings.  Glint gets an independent statement from both our Gold Liquidity provider and the vault (Brinks) and matches those records of assets held against the Glint Client holding in the Glint Ledger. This is to make sure the gold purchased by our clients corresponds with what has been purchased through and allocated by our liquidity provider and is subsequently residing in the vault.

The Vault is audited by an independent auditor and is further confirmed as part of our annual financial audit.

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