Gold Soars to Record Highs Amid UK's Stubborn Inflation and Global Polycrisis
As the world grapples with a multifaceted polycrisis, gold prices have hit an all-time high in GBP and EUR, showcasing its enduring appeal as a robust store of value. The current gold price stands at 1,649 GBP and 1,888 EUR, making it an attractive choice for those looking to preserve their purchasing power.
The gold price has risen by 13% over the last 12 months, substantially outpacing the UK’s stubborn inflation rate of 6.7% for September 2023.
The ongoing war in Ukraine, fears of escalation in the Hamas-Israel conflict, falling global stock markets, threatened bond market crisis following a lacklustre US treasuries auction, and systemic issues in the banking sector are all contributing to a global environment ripe for a recession. Amidst these challenges, the unprecedented money printing efforts have fuelled inflation, driving individuals and investors to seek the timeless safety of gold.
Glint's innovative platform emerges as a beacon of financial security in these turbulent times, by not only allowing individuals to buy and save gold but also use it as a viable alternative to fiat currency through the Glint app and MasterCard which is available to residents in the UK and USA.
"Gold's surge is a clear indicator of its unparalleled reliability amidst global economic uncertainties. Glint's mission is to provide a modern avenue for individuals to not only save in gold but to utilize it in their daily transactions, making gold the everyday money it once was,” said Jason Cozens, Founder and CEO of Glint.
At Glint, we make every effort to demonstrate a balanced conversation between gold and fiat currencies when it comes to purchasing power and, while we strongly believe that gold is the fairest and most reliable currency on the planet, we need to point out that it isn’t 100% risk-free. While we have seen a steady increase over time, the value of gold can fall as confidence in fiat currencies sometimes increases, which means that its purchasing power can also decline.