This week, we ask our Founder and CEO Jason Cozens about what made him first think about gold as an alternative to paper money? What was the moment that everything changed for him?
I’ll never forget Friday 14 September 2007. I couldn’t believe what I was seeing, as the news broke that there was a run on Northern Rock, a high street bank based in Newcastle upon Tyne, near to where I was born. Huge crowds of the bank’s clients had descended on branches of the bank, as the BBC announced it had just received emergency funding from the Bank of England following problems in the credit markets in the unfolding global financial crisis.
It was the first time I realised a bank account is not the safe deposit of money that I once thought. Instead it is lent out, intentionally put at risk, normally in return for an interest rate; but not so much of that these days.
I then concluded that today’s government-issued currency is inherently unfair since it doesn’t maintain its purchasing power, due to central bank policies. The establishment call it ‘quantitative easing’ but to many like me it is simply means ‘money printing’ and is the reason why inflation exists and why the UK Pound and US dollar have both lost 80% of their purchasing power in my lifetime .
When your money can’t buy you what it used to and when banks go bust, it makes you think twice about what you use as money and where your money is stored. I wanted something incorruptible and reliable. Don’t we all?
I learnt that gold holds its purchasing power over time and – if it’s kept in an independent vault – it’s free from the contagion of a financial crisis.
The problem with gold is that you can’t use it to buy anything in today’s electronic payments’ world. At the time I was an architect of new solutions based on the emerging digital ecosystem and, with more than my fair share of self-belief, decided that I could fix the problem. I set out to find out how to reintroduce gold as money, to build a gold-based alternative to banking, payments and money itself. That’s how Glint came about.
To help protect your savings and be able to buy, sell, save and spend real gold, click here to download our app and receive the Glint prepaid debit Mastercard for free.