Seems interesting… Although there are fees associated with the gold holdings
What I find particularly interesting is that all those fin tech startups offer MasterCards… What happened to Visa?
Total speculation but I’m guessing Mastercard offer them better rates to try and build up their brand as a debit card provider. Outside of fintech startups I’ve only ever heard of Mastercard Credit.
Has anyone had any experience with glint? The whole concept seems somewhat bizarre and gimmicky to me, it’ll need excellent implementation to work well.
I’m still on the waiting list… It would be interesting to hear from someone which has had a Beta account opened with them.
This sounds ridiculous, opening a bank account so you can buy and hold gold…why not just buy gold from a platform that sells gold.
This ^^ There are so many better options, if you’re spending less than around £10k just buy and hold physical gold yourself in a safe. If more, there are better options online…
It’s a gimmick that panders to the “ahhh fiat money is a con” Ron Swanson wannabes.
My account opened today. Anyone else got interested in Glint?
Yes, I’m up and running with Glint with a small holding to get a feel for it. Looking forward to new features rolling out on the app as it’s quite basic atm. @jakemacgregor so far it’s implementation is simple and effective. I like the fact that they’re democratising gold through a readily accessible app - a great USP.
The storage costs alone would make it uneconomical in your $10k scenario, nevermind delivery and peace of mind. You’re better off buying through Glint as their fees are very competitive and the utility of the app is more than just to buy&hold.
My scenario said store it at home, so the costs would be…a safe? If you’ve just spend 10k, a safe doesn’t sound uneconomical to me.
Also, how much would it cost you to get your gold that you legally bought through Glint sent to your house? You own the gold right?
The cost of a safe robust enough to securely store several of the worlds most precious dense metals which weigh a considerable amount would indeed cost more than the fee charged by Glint or any other bullion provider who hold your gold bars securely in vaults. The reason why it is cheaper is due to simple economies of scale. Furthermore, you have the cost of delivery to account for which isn’t going to be cheap. So just these 2 costs alone would be as a % of £10k be more than buying/selling through Glint instantly at close to the spot price.
Also if your only purpose is to gain exposure to Gold as an asset/commodity/currency, it is inefficient to buy it with a purpose built safe, transport it to & then from your home.
Sure if you want a few physical Gold bars for decoration then go for it, but this is not a part of your scenario which was buy&hold.
Yes you own your Glint gold & can spend it with the Glint MasterCard as a currency. Future features will allow it to be sent to another user instantly and if remember correctly delivery could be arranged.
The problem with putting it in your basement or wine cellar is when you have a few dozen bars the floor starts to subside, so you really need the floor reinforced first if you plan to go into bullion big time. Personally I think it is easier to store it with one of your bankers.
Also, don’t know if you have contents insurance, but I’d think that most insurances will void your cover (or significantly up the premium) if you have 10k worth of gold at home …
Although I suppose you could include it as a listed high-value item?