Still convinced that Gold is always a safe haven? then look at this
Turkish banks are pushing their customers to deposit physical gold in 'gold deposit accounts'. While that may seem to be a convenient - and above all secure - option it negates one of the main reasons why people want (and should) hold a proportion of their wealth in the 'barbarous relic'. This is the fact that gold is not anyone's liability (like all bank deposits, bonds etc) and is not just a blip in some distant computer (as most holdings of shares and bonds are after paper certificates have fallen victim to 'rationalisation' and 'modernisation'). Physical gold - as long as it is held in secret and away from the prying eyes of governments - is the only asset that can survive in stormy times and depositing it in any institution or vault - even if anonymous - means that its main advantage in uncertain times is lost.
12 Jun 2012
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