GLINT - 'reintroducing Gold as currency'

DiggerUK

DiggerUK is on holiday..._

Computer_Beginner

cashbackproblems wrote: »

Iv been using glint for some time, why is it hilarious to want to protect your money against fiat money manipulation which is what we have seen over the last 10 years on a massive scale? Currency not backed by anything v gold which is a finite resource and cant be played by central banks

Glint also has an offer where if you deposit 1k you get FREE transactions and purchases till December 2019.

You can also pay for everyday items in “gold” as its mastercard

So you don't hold any funds in fiat at all?

The alternative to Glint is keeping your spending money in fiat and holding savings in either physical or ETF gold.

Both will have charges / spreads. I don't know enoguh about Glint's charges to compare.

As goods, services and bills etc are priced in GBP, I find it easier to have my spending money in GBP.

Malthusian

cashbackproblems wrote: »

Iv been using glint for some time, why is it hilarious to want to protect your money against fiat money manipulation which is what we have seen over the last 10 years on a massive scale?

It's hilarious to do so by investing in gold which is manipulated by speculators to a far greater degree than fiat money. On a massive scale for the last 10,000 years since the first caveman found a shiny rock on the ground.

Currency not backed by anything v gold which is a finite resource and cant be played by central banks

Central banks hold over a trillion dollars in gold and could manipulate the market to create massive swings in the gold price, if they so chose. Obviously they have no reason to.

Computer_Beginner wrote: »

Most people can go to a shop and buy gold in some form for cash. They can then bury it in their back garden or somewhere nearby.

An idiotic method of preserving wealth against the gubment. If the police turn up with the aim of seizing your assets, they will either dig up your garden, or throw you in a cell until you tell them where to dig. If you flee the country and escape the hands of the police, your gold is now inaccessible and you have lost your money.

Burying gold in the back garden puts you more at risk of losing your wealth because now you won't want to flee the country and leave your gold behind.

How would I do the same with equities? I wouldn't, as it's a silly idea. In any case, we were talking about how Venezuelans / Turks / Zimbabweans could protect their wealth against hyperinflation / currency devaluation, not government seizure.

Reaper

Computer_Beginner wrote: »

Have you heard the phrase ''selling the family silver''?
That comes from the fact that non-bullion precious metals (eg cutlery) are often less scrutinised by governments than bullion.

I had to go and research it. Actually the phrase is a shortening of a quote from Harold Macmillan in 1984 criticising Thatcher's privatisation policies:
"The sale of assets is common with individuals and states when they run into financial difficulties. First, all the Georgian silver goes, and then all that nice furniture that used to be in the saloon. Then the Canalettos go."
That got shortened in the public mind to "selling off the family silver"

ColdIron

But when zee Germans come you can sew gold into your lapels and trouser turn-ups before you have it away on your toes. Don't try this with silver because you'll clink and clank a lot as you'll need 80 times as much of it

cashbackproblems

Computer_Beginner wrote: »

So you don't hold any funds in fiat at all?

Only a few k for day to day spending.


The alternative to Glint is keeping your spending money in fiat and holding savings in either physical or ETF gold.

Both will have charges / spreads. I don't know enoguh about Glint's charges to compare.

As goods, services and bills etc are priced in GBP, I find it easier to have my spending money in GBP.

Glint has an offer where if you deposit a one off 1k you get free spending till end of 2019, otherwise its a reasonable 0.5%. Personally i dont use it for spending, but as an investment in Gold rather than buying new kruggerand coins which i used to


Malthusian: Yes im sure there has been manipulation by trades of the price (like any other security) but this is not on the same scale as govt printing, inflation and manipulation which will onlyget worse in the coming years with the debt almost every country is carrying.


The gold held by central banks is nothing compared to what is held privately and does not back hardly any of the fiat currency, most has been sold off on a massive scale by global central banks over the last 20yrs.