Today in gold news, we have a development where the big surprise is that this didn’t happen before. Hailing from London, Glint is a debit card that lets you buy gold and use it as the basis for purchases.
How can this work, you might ask? You download an app on your smartphone, open an account, wait for approval, and in a few days, you can buy gold in your new Glint account. Your gold is centrally held and tracked, and you can then use the Glint debit card – serviced by MasterCard – that arrives via physical mail to make purchases. The product just moved into beta, which means it will be a little while before it is really in prime time. Early adopters can buy things in British pounds and gold itself, at purchase-time-current inter-bank exchange rates.
That could be useful, unless you buy that new Mercedes as gold is taking a hit. Next year’s plans include expansion into Europe and Asia, so presumably you can then buy things in Euros, yen and yuan at the least. It sounds a bit like someone took a few ideas from Bitcoin and went old school with it. Today’s featured article gives more details.