Tradition!

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pmbug

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Posting for reference for those who haven't seen it (because I reference it all the time):



:gold: Tradition! :gold:

 
Bernanke was almost stuttering on some of his answers. Quite funny.
 
Well at least Bernanke was right about something, it IS a precious metal! LOL Oldie but goodie!!
 
More comedy gold from the Bernank:

 
NYT said:
During the cold war, West Germany followed a policy of storing its gold as far west as possible in case of a Soviet invasion. While that worry is gone, there is still an argument for keeping some gold in financial centers like New York and London. It remains the one currency that is accepted everywhere. ...

how times change eh ?
I reckon I would put my gold in Moscow rather than Berlin, New York or London
 
Heh
that was my opinion 3 days before Russia kicked off its Special Military Operation in Ukraine
And subsequently amplified by everything I am aware of that has happened since.

The 'west' appears to be in decline and desperate to take down the perceived threats to its belief in its US hegemony.
Russia seems to offer a future based on family values and fairness in regard to trade with other countries.

They switched on the 'hate Putin' and switched off the 'fear Rona get your jab' literally overnight.
 
* bump *

Saw this referenced on X/Twitter (from Nov 2020):
...
Almost five decades after the collapse of the Bretton Woods system, gold continues to form an important share of global foreign exchange reserves. This may be because gold has traditionally offered reserve managers many benefits, such as the absence of default risk. ...


Yeah, the bold emphasis is mine... :)
 
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