Obama's war against gold

Originally posted by Metal Brain
Thanks.

It works. Even if most people knew which parcel they would not have a clue where to look first.

You didn't really do that did you?

Originally posted by DeepThought
You didn't really do that did you?

Lots of people store other precious metals that way, in vertical PVC tubes, sealed with desiccant inside to prevent rust.

Originally posted by normbenign
Lots of people store other precious metals that way, in vertical PVC tubes, sealed with desiccant inside to prevent rust.

Gold does not corrode. No worries there.

Originally posted by DeepThought
As I recall it was part of the motivation for the Bank of England selling off about half of its gold reserves in the early 2000s. You have to pay for the storage and 15 or so billion dollars worth of gold comes with significant storage costs. Government bonds take up much less space than gold. Banks would prefer all transactions to be electronic.

That was not the motivation and it was a foolish decision.

http://www.telegraph.co.uk/finance/personalfinance/investing/gold/7511589/Explain-why-you-sold-Britains-gold-Gordon-Brown-told.html

I would like to know who bought the gold. That might explain a lot.

Originally posted by Metal Brain
Gold does not corrode. No worries there.

The saving some gold could be prudent even in a SGTF scenario. At some point, after a crisis, things return to normal or whatever normal is after the crisis. Then it is quite likely that gold will have a relationship to the new currency.

Originally posted by Metal Brain
Gold does not corrode. No worries there.

Gold is relatively inert but reacts with various chemical compounds.