Glint Records ‘Several Hundred Percent Increase’ In Physical Gold Purchases

Glint, the fintech company that makes gold an alternative global currency by enabling its clients to buy, sell, save and spend their physical gold instantly through Glint’s prepaid debit card (Mastercard) and multicurrency app, has experienced a several hundred percent increase in its clients buying gold during the recent turmoil affecting global equity markets.

The safe-haven “currency” has met great demand as the markets swung violently over the last few weeks on fears of a global economic downturn, with global stock markets losing some USD 6 trillion to date. According to the Wall Street Journal 1 of 19 March 2020, the DJ Industrial Average and the S&P 500 have lost around 30% since they peaked in mid-February. The ongoing tussle between Saudi Arabia and Russia over crude oil production levels, which has seen benchmark crude oil prices collapse to below USD 30/barrel for WTI and Brent crude.2, is also pressuring the markets.

Gold has already moved above USD 1,600 USD per ounce as it makes its
way towards the all-time highs of 2011. Central banks around the world
have cut interest rates and governments have injected massive amounts
of money into the financial system to try to prevent further declines in equities and fend off corporate bankruptcies, including €750 billion from the European Central Bank, €800 billion from the German government, and $2 trillion recently passed by the United States Senate.

Stock markets have recovered somewhat as central banks and governments have injected paper money into the financial system. Glint argues that it is natural that people search for safe havens In such politically and macro-economically volatile times and gold has throughout history been seen as one of the safest.

“Gold has historically been a better store of value than any government-created currencies, which typically erodes over time. Since 1970, the U.S. dollar has lost 86% of its purchasing power due to inflation, whereas over the same period if you had held your wealth in gold, your purchasing power would have risen 505% (inflation-adjusted)”, the statement said. “In 1970, a cheeseburger would have cost you USD 0.55 cents in the US. In 2018, the same cheeseburger cost USD 3.47 due to the increase of U.S. annual average inflation, thus decreasing the value of the U.S. dollar. In 1970, a gram of gold would have bought you two cheeseburgers, whereas today a gram of gold would allow you to purchase twelve cheeseburgers.”

Jason Cozens, Founder and CEO of Glint, commented: “Glint’s mission to bring a reliable gold currency to the fingertips of everyone in the world is being validated as the global economy unravels. Glint offers an alternative that is valued globally anytime, anywhere. Welcome to money’s new standard.”

Glint entered the US market in March 2018 after first launching the United Kingdom in December 2017.