WHAT IS MONEY?
Money is the notes and coins you use to make purchases with. But money is actually a promise…
WHO MAKES THESE PROMISES?
Paper money is actually a government promise – a promise to pay the face value of notes and coins.
Inflation eats away at your paper money.
Look at how these leading currencies have lost purchasing power in the past 50 years:
In 1970 a cheeseburger would have cost you 20p in the UK. In 2018 the same cheeseburger cost £2.46. That’s what UK annual average inflation has done to the UK Sterling (GBP). In 1970, a gram of gold would have bought you two cheese burgers, whereas today a gram of gold would enable you to purchase twelve cheese burgers.
PAPER MONEY VS. GOLD
Paper money used to be backed by gold – you could directly convert your paper money into the equivalent value of gold. That was a promise by the US government. It was a promise made by the Bank of England, and all other central banks and governments. This was the gold standard. It was a promise that meant something.
But in 1933, during the Great Depression, President F. D. Roosevelt closed all US banks and ordered Americans to hand over their gold coins and bullion in exchange for a set price of $20.67 per ounce. He broke the promise. Finally in 1971 the USA ended redeeming paper dollars for gold. Ending the gold standard allowed the US government to print paper money as it wanted. It was a clever short-term trick. Everyone felt richer because vast amounts of paper dollars were sloshing around the economy. But people were not really richer. They just had more paper.
No country today links its paper currency to gold.
WE NEED AN ALTERNATIVE
The loss of trust in governments partly explains the recent explosive growth in cryptocurrencies.
People have started to try to re-invent money in the form of digital currencies. They have one great advantage – no government control.
The trouble is, the world of cryptocurrencies is opaque, difficult to understand, and sometimes seems chaotic. It also depends on people, who are by definition fallible.
Gold is universally recognised and accepted as payment. Everyone values it, everywhere. Everyone understands it.
The only problem with gold is that it has lost its primary function – as a means of exchange, something you can spend or save, everywhere and at any time, in big or small amounts.
Until now, that is. Welcome to Glint.
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Buy gold in any amount, large or small, at the most competitive premium on the market.
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