The gold price today (30 July 2019) has risen to a new all-time high, of more than £1,175 per troy ounce, more than £14/oz or about 1.3% over the previous day. The previous record was more than £1,160, in September 2011.
Jason Cozens, CEO of the fintech company Glint, said: “This rise to a fresh record high in Sterling demonstrates the power of gold to retain people’s confidence when paper currencies are looking vulnerable, as a result of macro-economic uncertainty. The turmoil over Brexit, the decline of the pound, the likelihood that the US Federal Reserve will cut interest rates tomorrow, the probability that Christine Lagarde will be forced to extend Mario Draghi’s quantitative easing programme at the European Central Bank, all underpin this tremendous bull-run in gold. The world’s economies are in trouble, and it is natural for people to turn to gold as a defence.”
Glint’s account and debit Mastercard, which is available in the UK and launched in the USA this week, enables users to save and pay for goods and services in pounds, euros and dollars, and also gold. The Glint card means that “clients can protect their wealth by holding physical allocated gold, and spend it as money,” added Cozens.
Glint – Money’s New Standard – is a FinTech that uniquely enables physical gold to be used as money digitally, along with offering a multi-currency account and debit card. Its vision is a world where everyone has an equal opportunity to prosper, made possible by providing everyone with a reliable form of money, gold. Glint, in partnership with Mastercard, enables its clients to buy, save, exchange and spend physical gold, and other currencies, anywhere in the world Mastercard is accepted. Glint’s clients know their gold is secured in a Brinks Vault in Switzerland and insured by Lloyds of London. Gold, and all currencies purchased via Glint, are in safeguarded and segregated accounts. Already available in Europe, Glint launched in the UK in February 2018 and is set to launch in Canada, Japan, Scandinavia, and the USA in 2019.
The Company has tens of thousands of clients to date. Gold is the world’s alternative to government-controlled fiat currencies and has been a secure and globally accepted form of payment since 4,000 BC. Glint is a tangible alternative to cryptocurrencies, because it provides ownership of physical gold and permits instant gold-based purchases. Glint interacts with the global banking system and is a form of instantaneous payment for goods and services.