On Wednesday, the UK Chancellor, Rishi Sunak, will reveal the government’s tax and spending plans in the 2021 Budget. Glint predicts he will focus on support for businesses and individuals in the aftermath of COVID 19.
Usually, we would expect increased inflation to drive up the price of gold. Gold is, after all, traditionally considered to be a hedge against inflation.
There are real fears that these added costs may be passed onto consumers before long. But central banks all seem incredibly reluctant to raise interest rates. This decision is hitting both consumers and savers hard.
Glint adds that this landmark demonstrates the huge consumer appetite for alternative currencies such as gold and cryptocurrencies, including Bitcoin. The value of total transactions processed by Glint has jumped 16% in three months, from $215.5m at the end of March to over $250m.
Glint has enjoyed rapid growth over the last six months, with a 32% increase in new clients looking to spend and save gold – hitting 82,900 clients in June, up from 62,900 at the start of the year.
This time the peak came on the 8th of January, and perhaps the FCA might have released a statement a few days before the peak, rather than on the Monday morning following the peak.
For instance in August, Gold shot up above 2000 USD per ounce (an all-time high), but then it dropped on the news of the Cure for Covid. Either way Gold is up from the 1200 USD per ounce it was worth in 2018 and it continues to be the safe haven currency of choice for many people.
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