A new app called Glint has arrived on the Apple app store. With it, you can purchase physical gold and make purchases with it using a linked debit card.
According to the founders, Jason Cozens and Ben Davies, gold dealers, forex companies and money transfer bureaus add hidden fees to gold transactions, sometimes increasing costs by as much as three to eight percent. Glint eliminates these fees and offers the "real interbank exchange rate".
The app shows you the gold price in grams associated with each of your purchases and charges a flat fee of 0.5% on all transactions.
It's not possible to take delivery of the gold that is held in the company's vault in Switzerland, only buy and sell it within the app.
Ben Davies explains the appeal of Glint:
"In many cultures, like the UAE and Asia, gold is already recognised as true money with intrinsic value, but until now it's not been possible to use in the electronic and mobile payment system.
Glint has married technology with the oldest form of currency, gold. Users can now spend gold as money anywhere in the world - to buy a coffee or a car with sound money."
The price of gold is down approximately 30% compared with 2011, when record high value was recorded at $1,862.
The app may offer silver in the future also. When users make a purchase using the app, the cost is covered by selling the gold held by Glint.
The app is a new take on a very old form of currency.
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