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Over 35 years experience working in oil and gas accounting with privately held oil and gas producing companies. Also have a blog that covers monetary system issues and the potential for major future monetary system change. (http://lonestarwhitehouse.blogspot.com/)  - email: ... more

Glint Moves Forward With Plan to Reintroduce Gold as Money

Date: Tuesday, July 24, 2018 7:41 AM EDT

 

Q: It looks like Glint is ready to move into the US. Can you give some insight into what will be happening in that regard and the time frames involved?

 

A: We built our technology to scale and we’ve been working on expansion outside of the UK and Europe for some time. US residents can actually buy, save and sell physical gold and other currencies on the Glint App right now but we will be bringing the full solution with the ability to spend in Gold using the Glint debit card later this year. We already have our ​US ​office in place and are building out our US team.

 

 

Q: One hurdle that gold faces is the tendency for people who own gold to hold it rather than spend it. How does Glint encourage users to spend gold rather than just to hold it more like a long term investment?

 

A: If all you can do is hold gold then that’s what you are going to do, you’ve never been able to do anything but save and trade in and out of it so that’s where the ‘tendency’ comes from. The mere fact that, for the first time, Glint clients can now spend their gold at the electric point of sale, in real-time without selling it in advance, means that clients can and are spending their gold.

 

There is an education taking place  for some about the benefits of a gold ​currency​ and a behaviour change for others​,​ but the Glint App makes that very easy. People are starting to realise that saving and spending from their Glint gold account insulates them from inflation, protects them from banking and systemic risks​ (​let's hope we ​don't ​have another financial crisis) and allows them to move to one Global Currency that transcends all others.

 

Q: As I understand it, Glint wallet owners will be able to hold both Euros and US dollars as well as gold. Why will you offer users the ability to hold fiat currencies in addition to gold in their wallets?

 

A: This ties into one of our core goals we have,​ which is giving people choice. Sure​,​ we believe that gold is the ultimate form of money but there are plenty of scenarios where it makes sense to exchange in and out of, save and spend in government issued currency. We also don’t think people should be charged 5 or 6% just to exchange into a foreign currency when using their ​national bank ​ account or transferring money overseas. Glint only charges 0.5% to buy gold or  national currencies (Although we’ve currently launched a promotion that gives free purchase and spending for the next 12 months for clients who have bought at least £1,000 or €1,000 of gold).

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