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Glint Gold App tried


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I wouldn’t say that I am the biggest buyer of gold in the world through the Glint app however I have been trying to assess it and see how it works.

 

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The concept is that you download the app from the App Store and then top pop your account using pounds or a variety of currencies that are converted at spot into pounds.

 

Once the pounds are sitting in your account then you can convert online to and from Gold which in theory gives you the ability to buy things using gold.

 

The gold is allocated in relation to physical gold.

 

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What do you guys make of the new service?

 

 

 

 

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35 minutes ago, PansPurse said:

Would have to do a more detailed look and compare it to things like Bullion Vault and the Royal mint's signature offering.

The difference with this is you can actually spend your gold holdings using a linked visa card.

 

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Seems kinda like Goldmoney that Peter Schiff pumps.  What I don't understand is why in the world would I want to spend actual Gold for something when the seller will happily take fiat?  I can understand if the fiat system totally breaks down, or the seller gives some really good incentives (maybe), but still...  Also, doesn't Gresham's Law state that bad money will drive out good? (not the other way around right?)

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I guess the idea is that you keep the absolute minimum in your bank account to pay the direct debits and stuff, and keep most of your cash in Glint in the form of gold. So it doesn't negate Gresham's law, but it minimises the need to hold bad money. The service is still new, so they haven't yet released the Android version, and the only currency available is GBP. The plan is to support multiple currencies, all with a 0.5% conversion charge. The nice thing is that it is already approved by the UK financial regulator. Alternatives such as Goldmoney are approved in Jersey and Canada, but I don't think have any official status in the UK.

Another new service in the pipeline is Kinesis: kinesis.money.

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