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Showing posts with label Gold. Show all posts
Showing posts with label Gold. Show all posts

Wednesday, November 18, 2015

Overstock.com Has $10 Million In Gold And Silver Hidden Somewhere In Utah

from: http://consumerist.com/

The online retailer is hoarding gold and food to keep its employees paid and fed if the financial system collapses.

Ross D. Franklin / AP
Overstock is best known for selling discount merchandise online, but the company has another trick up its sleeve: It has hoarded food, cash, and digital currencies in preparation for a disaster scenario that could cripple lesser online retailers.
“I want a system that can survive a three-month freeze,” CEO Patrick Byrne told BuzzFeed News. “If the whole thing collapses I want our system to continue paying people, we want to be able to survive a shutdown of the banking system.”
The Utah-based company has made headlines in the past for its drawn out fight with hedge funds it accused of manipulating the company’s stock, and its CEO’s interest in digital currencies. Byrne said the company maintains a 30-day supply of food, and has a distribution system to pay and feed employees in case the banking and payments systems collapse.
“In the 1930s there was a two-week freeze on the banking system; in 2008 we came perilously close to banks not knowing who could accept counterparty risk,” Byrne said. “I think we’re living in the final days of the theory that the Keynesian magic money tree can deliver actual wealth and growth.”
In a call with anlaysts in early 2013, Byrne said the company is “determined to make Overstock robust in the face of that fragility and that includes owning some precious metals and maybe some Bitcoin.”
Hoarding precious metals can come with risks of its own. The company said in a recent regulatory filing that the value of its metals has been hit by the global decline in commodities prices — they’ve gone down to $10.2 million from $10.9 million at the end of last year.
“We’re not rubbing our hands together gleefully waiting for it to happen,” Byrne said. “We think of it as an insurance company with a 5% chance of paying off.”
While the precious metal store — $6 million of gold and $4.3 million of silver — has been noted in financial disclosures, the uncommon risk mitigation measure got renewed attention when the company’s former President Jonathan Johnson, who is running for governor of Utah, mentioned it in a speech to the United Precious Metals Association earlier this month. “I don’t know if it will be two days or two weeks or two months. But we have $10 million in gold and silver in denominations small enough … for payroll,” Johnson said.
The hoarding of coins and food may seem inconsistent with the company’s investment in financial instruments based on digital currency, but both come from Byrne’s doubts about the current way the world is run. “In a deep sense, I do not trust the central banks and I don’t trust major institutions.”
When asked exactly where the gold was — the company says it’s in an “off-site secure facility” — Byrne told BuzzFeed News, “It’s in a safe space in Utah. Utah has a lot of safe places.”
Matthew Zeitlin is a business reporter for BuzzFeed News and is based in New York. Zeitlin reports on Wall Street and big banks.
Contact Matthew Zeitlin at matt.zeitlin@buzzfeed.com.

Wednesday, September 7, 2011

Is there Really Just Gold in Fort Knox?

Posted by: Rocco Penn
From: http://topcultured.com/

Fort Knox Image

As you’ll see below, there’s an awful lot that goes into protecting our nation’s gold. Considering that it’s current value is around $270 billion, some speculate that there’s more than just gold inside. Some say there are…

  • Weapons and Defense Items: In case of nuclear or zombie attack (or both) there is no safer place in the world. Could there be secret weapons and a way to get the President and other important people down there in case DC is compromised?
  • Aliens: Whenever tinfoil hats come out, aliens have to be in the picture.
  • Lies: What if we already sold off all of our gold? The vault would be the perfect way to keep our economy from collapsing despite the lack of a gold standard.

Whatever you believe, one thing is certain: you’d have an easier time getting into the White House than you would getting into Fort Knox (and don’t try to get into the White House – it’s dangerous over there).

This infographic by CreditSesame breaks down the facts and speculations nicely. Click to enlarge.

Fort Knox

Wednesday, July 6, 2011

£12bn and counting: the treasure uncovered at Kerala temple

One vault is still left to open as scale of the offerings made to shrine in the past 500 years comes to light
     Padmanabha Swamy temple
    The Padmanabha Swamy temple. Photograph: Reuters

    It's like a scene from Indiana Jones and the Temple of Doom. Even before the unlocking of the last of six secret vaults at Kerala's largest temple, the centuries-old treasure in gold, silver and precious stones discovered in its cellars is already estimated to be worth around £12.6bn.

    "Though we knew that offerings made to the temple by devotees for the last 500 years were lying in these secret cellars, the scale of the treasure has definitely surprised us," temple official Hari Kumar told the Guardian. "All of Kerala is celebrating this extraordinary find." Its discovery has made the Hindu temple of Padmanabha Swamy in the state capital Thiruvanthapuram the richest in India.

    During the past week, a team of experts appointed by India's supreme court has opened five vaults dedicated to the deity Lord Vishnu to uncover an enormous hoard of gold idols, jewellery studded with diamonds, emeralds and other precious stones, antique silver, and even two golden coconut shells studded with rubies and emeralds.

    The shrine dates back to the 10th century, but the present massive granite structure was built only in the 18th century after King Marthanda Varma expanded and consolidated the Travancore kingdom. It has historically been a royal temple, but offerings to the Lord Vishnu, in the form of gold and jewellery, have come not just from Travancore kings and other Kerala royalty but millions of ordinary devotees.

    The vaults containing the offerings have remained locked at least since the 1930s, when the last inventory was reportedly carried out by Travancore's then rulers. India's supreme court ordered a fresh inventory of the treasure after a face-off between the current head of the former Travancore royal family and a lawyer who challenged them about the management of the temple wealth, claiming there was inadequate security.

    "There are six vaults, from A to F, and only Vault B has still to be opened," says Kumar. "This vault has special locks, and we don't want to break them. So we're getting experts to examine them, and we should be able to open them on Friday."

    The entire operation is going on under heavy police security, but nothing is being filmed or photographed. "Taking photos within the sacred space of the temple is strictly prohibited," says Kumar.

    Kerala's chief minister Oommen Chandy has rejected the demand that the treasure should be used for public benefit. "It belongs to the Padmanabha Swamy temple and will be preserved there," he said.

Thursday, December 23, 2010

Would You Pay $4 Million for the World's Most Expensive Stove?


irondog.jpg
Iron Dog
The Iron Dog 05 Huraxdax

Bloated with absurdly extravagant baubles, even the Neiman Marcus Christmas catalog pales in comparison to the Iron Dog 05 Huraxdax.

At $4 million, this gold-plated, wood-fired range is the world's most expensive stove. (Iron Dog also makes a cheaper version in silver for the profligate penny-pincher.)

Designed by sculptor Joseph Michael Neustifter, the Huraxdax is made to order and takes two-and-a-half months to fabricate. Not quite a last-minute stocking stuffer. Not a show pony either.

The Huraxdax stands two-and-a-half feet high, weighs 572 pounds and works at 82% efficiency. (We have no idea how that last statistic was quantified, but it sounds very official.) The gilded range heats up to 1,000-square feet of space, which also makes it the world's most expensive space heater.

Indeed, the Huraxdax is full of practical applications and "can be put to everyday use," according to the Iron Dog website. Perhaps for making pizza. We'd be wary of soiling Midas' stove, but if one can drop $4 mil on a stove, one can spring for a maid.

Stamped on the sides and back of the stove is the word "huraxdax." Our Bavarian is a tad rusty, but we want to believe the reported translation -- "decampment of joy" -- because that makes this the world's saddest and most poetic stove. Maybe your joy departs when you realize you've spent $4 million on a stove. (Don't ask how much the vegetable peeler costs.)

"Nothing is as free as art and the people who love it," the Iron Dog website declares. And nothing is as excessive as the Iron Dog 05 Huraxdax and the people who buy it.

Monday, December 20, 2010

Vending machine spits out gold bars and coins

From: http://www.usatoday.com/


Thomas Geissler demonstrates his Gold To Go dispenser Oct. 21, 2010 in Berlin, Germany.
By Sean Gallup, Getty Images
Thomas Geissler demonstrates his Gold To Go dispenser Oct. 21, 2010 in Berlin, Germany.

BOCA RATON, Fla. — If you're a shopper looking for something sparkly to put under the Christmas tree, you could skip the jewelry and just go for the gold.
A German company planned to install a vending machine that dispenses gold bars and coins Friday at an upscale mall in Boca Raton, a South Florida city of palm trees, pink buildings and wealthy retirees.

Thomas Geissler, CEO of Ex Oriente Lux and inventor of the Gold To Go machines, expects the majority of buyers will be walk-ups taken by the novelty. But he says the machines are also convenient for more serious investors looking to bypass the hassle of buying gold at pawn shops and over the Internet.
"Instead of buying flowers or chocolates, which is gone after two or three minutes, this will stay for the next few hundreds years," Geissler told The Associated Press in a telephone interview.

The company installed its first machine at Abu Dhabi's Emirates Palace hotel in May and followed up with gold ATMs in Germany, Spain and Italy. Geissler said they plan to unroll a few hundred machines worldwide in 2011. He said the Abu Dhabi machine has been so popular it has to be restocked every two days.
The gold-leaf-covered machine at Boca Raton's Town Center Mall sits outside a gourmet chocolate store and works just like the two cash ATMs beside it. Shoppers insert cash or credit cards and use a computer touch-screen to choose the weight and style of gold. The machine spits out the gold in a classy black box with a tamper-proof seal.

Each machine, manufactured in Germany, carries about 320 pieces of different-size bars and coins. The machines are connected to the Internet and the company says prices are refigured automatically every 10 minutes to reflect market fluctuations. At one point earlier this week, a two-gram piece cost about $120, including packaging, certification and a 5% markup. An ounce cost about $1,470.
Buyer beware: A gram of the heavy metal is much smaller than you think, about the size of a fingernail. An ounce is a little larger than a quarter.

Owners say the machine, which will hold around $150,000 in cash and gold, will be flanked by an armed bodyguard for now. Several live security cameras are fixed inside and outside the machine.
The popularity of gold is cyclical, but it's riding high these days in part because of fears stoked by financial collapse.

Geissler, who plans to have a machine in Las Vegas by year's end, said the collapse of the Lehman Brothers investment firm was the impetus for the flashy vending machines. His customers refused to buy bonds, stocks and other funds from the financial industry, so they focused on precious metals.
As investors continued to lose faith in the global finance market system, the company worked on the gold-leaf finished ATM, banking that the protection of purchasing power found in gold would lure market leery customers.

"Gold always comes back to its real value," Geissler said. "It's not diamonds, it's not silver, it's not real estate. It's just gold."

Dave Jones, who brokered the deal to bring the machines to the U.S., says there are plans to install about 40 more machines at upscale malls and hotels around the U.S.
"Gold has a place in everyone's portfolio," said Jones, of Boca Raton-based PMX Gold. 

Associated Press writer Suzette Laboy contributed to this report.
Copyright 2010 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Monday, September 27, 2010

Myanmar-Burma, The Golden Land [Wow Pics]

triggerpit.com — There are hidden secrets in Myanmar. Pagodas and a Buddhist temple are more or less a synonym of Myanmar, “The golden Land” or “The Land of Pagodas.“



Procession of Buddhist statues
Procession of Buddhist statues close to the Golden Pagoda at Thachilek, Myanmar. February 8, 2008. (Photo used under Creative Commons from caspermoller, Casper Moller).

shwedagon pagoda Myanmar 2010
Shwedagon Pagoda, Myanmar 2010 (Photo used with special permission from VenerandaDeLuca/J.Markoff).


Click here for the Entire Gallery: http://triggerpit.com/



Thursday, May 13, 2010

Just You Try Hacking This Gold Bar-Dispensing ATM In Abu Dhabi

From: http://gizmodo.com/

Just You Try Hacking This Gold  Bar-Dispensing ATM In Abu DhabiIn these financially uncertain times it's not surprising people are turning to gold instead of cash, but I'd like to know how many 7-11s actually accept 24-carat gold bars these days?

The Emirates Palace hotel in Abu Dhabi has just revealed the gold ATM, which spits out 10-gram bars of 24-carat gold. Each bar can be custom-engraved for that extra reminder of your net worth. [Sky News via Born Rich]

Just You Try Hacking This Gold  Bar-Dispensing ATM In Abu Dhabi

Wednesday, March 3, 2010

Olympic Golden Girls

Gold medal winning women get very little exposure, these photos help us focus on their achievements in more detail.


Lindsey Vonn | Alpine Skiing Downhill

Lindsey Vonn | Alpine Skiing Downhill

By snowboardlover


Maria Riesch | Alpine Skiing - Super Combined

Maria Riesch | Alpine Skiing - Super Combined 

By snowboardlover


Ashleigh McIvor | Ski Cross

Ashleigh McIvor | Ski Cross 

By snowboardlover


Julia Mancuso | Super Combined - silver

Julia Mancuso | Super Combined - silver

By snowboardlover


Hannah Teter | Snowboard Halfpipe - Silver

Hannah Teter | Snowboard Halfpipe - Silver

By snowboardlover


Yu-Na Kim | Figure Skating

Yu-Na Kim | Figure Skating

By snowboardlover


Tessa Virtue | Ice Dancing

Tessa Virtue | Ice Dancing

By snowboardlover


Magdalena Neuner | Biathlon

Magdalena Neuner | Biathlon

By snowboardlover


Evi Sachenbacher | Cross-Country Skiing Team Sprint

Evi Sachenbacher | Cross-Country Skiing Team Sprint

By snowboardlover


Claudia Nystad | Cross-Country Skiing Team Sprint

Claudia Nystad | Cross-Country Skiing Team Sprint

By snowboardlover


Lydia Lassila | Freestyle Skiing Aerials

Lydia Lassila | Freestyle Skiing Aerials

Thursday, February 18, 2010

Vonn, Mancuso go 1-2 for U.S. in Olympic downhill

Associated Press
From: http://www.sportingnews.com/

WHISTLER, British Columbia -- If this is how Lindsey Vonn skis with a bruised shin, the rest of the field has no chance. Vonn showed no signs of discomfort when she won the Olympic downhill by more than half a second Wednesday, with childhood rival and American teammate Julia Mancuso taking a surprise silver medal.
"This is everything I've wanted and hoped for," Vonn said, her voice choked with emotion. "I gave up everything for this."
Vonn hurt her right shin Feb. 2 during pre-Olympic training in Austria and had hardly skied over the past two weeks. Still, as the two-time defending overall World Cup champion and the winner of five of the six downhills this season, she was an overwhelming favorite.
"She had the weight of the world on her," said Vonn's husband and chief adviser, a former U.S. skier who also serves as a personal coach. "People were basically hanging the medal around her neck before the start. That's incredibly hard to deal with."
Thomas Vonn was up at the top of the hill before his wife's run, and the Vonns embraced in a hug that lasted for 30 seconds when they reunited at the finish.
"It was one of the most clutch runs I've ever seen," Thomas Vonn said.
In a race characterized by several crashes -- including one to Swedish standout Anja Paerson -- Vonn's sped down Franz's Downhill in 1 minute, 44.19 seconds.
Mancuso finished 0.56 seconds behind, and Elisabeth Goergl of Austria took the bronze medal, 1.46 seconds back.
Maria Riesch of Germany, Vonn's best friend and usual rival of late, finished eighth. Andrea Fischbacher of Austria placed fourth, Fabienne Suter of Switzerland fifth and Whistler local Britt Janyk of Canada sixth.
The comfortable margin was in sharp contrast to the men's downhill Monday, when only 0.09 seconds separated the winner, Didier Defago of Switzerland, from the bronze medalist, Bode Miller. That was the tiniest margin between first and third place in Olympic men's downhill history.
It's the third time Americans have finished 1-2 in an Olympic Alpine race, and the first time in 26 years.
At the 1984 Sarajevo Games, brothers Phil and Steve Mahre took gold and silver in the slalom and Debbie Armstrong and Christin Cooper accomplished the feat in giant slalom.
No American woman had won the Olympic downhill before. Hilary Lindh and Picabo Street both took silver -- in 1992 and 1994, respectively.
Having previously coached the men, U.S. women's head coach Jim Tracy is at his sixth Olympics and called this his career highlight.
"I've been fortunate to be with some pretty great athletes, and I have to say with everything (Vonn) has gone through and Julia's gone through, this probably ranks as the top one for me," he said.
Vonn swept the downhill and super-G at last season's world championships in Val d'Isere, France, but had never won an Olympic medal. She had a horrific crash in downhill training at the 2006 Turin Games.
Mancuso won the giant slalom in Turin but hadn't finished on the podium since the Olympic test downhill here two years ago. The Squaw Valley, Calif., skier has won only two World Cup downhills in her career, the last nearly three years ago.
"Coming off a back injury last year, I was in a lot of rehab. I knew that I just had to hang on and keep going for it," Mancuso said. "It's really been a tough, long road. I'm happy to be in a position where I feel healthy."
Tracy recounted that Mancuso declared the night before that she could win the race.
"If you're going to talk the talk, you've got to be able to walk the walk, and she did," Tracy said. "She's been coming on in super-G and downhill all year. We knew that it was in her."
Mancuso was an early starter and still led when Vonn skied.
Vonn, a Minnesota native who lives and trains in Vail, Colo., put on a skiing clinic for all the world to see.
Waiting in the starting gate with the sun reflecting orange off her goggles as she stared down the course, Vonn was a study in concentration. Kicking out of the start without regard to her bruised shin, she increased her lead at the first three checkpoints, kicking up a trail of smoky snow in her wake as if she were a race car, tucking at every opportunity.
Just when it seemed Vonn might go wide, she applied even more leg pressure, shifted her weight and maintained her line.
It wasn't all perfect, however, and Vonn lost nearly two tenths on the bottom, almost getting knocked off balance as she went over a small bump just before the finish.
But it was more than enough for gold, and Vonn collapsed on her back and yelled with joy in the finish area. She then raised herself and placed both arms in the air in triumph.
"It was not the perfect run by any means. But I attacked and made it down. It's awesome," Vonn said, crying.
A few moments later, Vonn's smile turned to a frown, as she watched Paerson lose control off the final jump, getting a huge amount of air and sliding through the finish headfirst.
Paerson bruised her left calf and was shaken up, but otherwise appeared OK, said Sweden team official Ulf Lars Emilsson.
Riesch skied immediately after Paerson and may have been affected psychologically by the Swede's crash. The French skier who started before Paerson, Marion Rolland, fell before she even got to the first gate.
"(Rolland) got brought up and got treatment right next to the start," Riesch said. "It was not perfect for me."
Due to the extended run of bad weather in Whistler over the past week, only one official downhill training session was held before the race, and all the fresh snow prevented organizers from creating a perfectly smooth surface. Even with sunny weather on race day, the course appeared extremely bumpy from top to bottom, creating a serious fitness test for skiers' legs -- resulting in several crashes.
"It was a little bit ragged the whole way," Vonn said, adding that the conditions weren't ideal for her shin. "It's so painful to ski, especially on this course because it's so bumpy. It's so tough to ski down, but I did and it's awesome.
"I was really lucky with the weather and the postponements. I needed those days off."
The difficulties were evident from the start as the first skier, Klara Krizova of the Czech Republic, fell midway down and got spun around as she slid into a gate at high speed. Her skis remained attached, though, and she was able to get back up and complete her run.
Several other early starters collapsed in exhaustion upon crossing the finish line, and Dominique Gisin of Switzerland also crashed while landing the final jump. She slid downhill, then was launched back into the air when she hit a bump on the side of the course and landed hard on her back. She sat right up, though, and eventually walked away under her own power.
The next skier, Daniela Merighetti of Italy, fell right before the final jump and went head first through a gate, losing both of her skis. She ended up sliding downhill on her backside, waving to show she was OK to the delight of the fans.
One of the later starters, Edith Miklos of Romania, hit the safety nets at high speed and was taken off the course by helicopter.
Starting 10th, several skiers ahead of the race favorites, Mancuso put down a majestic run from start to finish. Beforehand, she was seen near the start with her eyes closes and her arms out simulating her run in her head.
"I've been practicing a lot of visualization and getting aggressive," Mancuso explained. "I really just had to give my all today."
She must have followed her plan to perfection, because Mancuso increased her lead at each checkpoint and maintained her balance off the big finishing jump, even though as one of the smaller downhillers she was launched high into the air.
"I felt like I was a little out of control," Mancuso said.
At the finish, Mancuso knew right away she had done something special and let out a big scream of delight, pumped her right fist and showed a big smile. Then she put on a pair of black sunglasses and waited for the favorites to come down.
It was a long wait, because all the crashes caused several delays.
Another American, Alice McKennis of Glenwood Springs, Colo., got thrown off course midway down but managed to avoid crashing. The other member of the U.S. team, Stacey Cook of Mammoth, Calif., finished 11th.
Vonn will again be the favorite for the super-combined race Thursday, which was originally scheduled to open the women's Alpine competition last weekend.

Tuesday, March 31, 2009

Russia backs return to Gold Standard to solve financial crisis

Russia has become the first major country to call for a partial restoration of the Gold Standard to uphold discipline in the world financial system.

By Ambrose Evans-Pritchard


Arkady Dvorkevich, the Kremlin's chief economic adviser, said Russia would favour the inclusion of gold bullion in the basket-weighting of a new world currency based on Special Drawing Rights issued by the International Monetary Fund.

Chinese and Russian leaders both plan to open debate on an SDR-based reserve currency as an alternative to the US dollar at the G20 summit in London this week, although the world may not yet be ready for such a radical proposal.

Mr Dvorkevich said it was "logical" that the new currency should include the rouble and the yuan, adding that "we could also think about more effective use of gold in this system".

The Gold Standard was the anchor of world finance in the 19th Century but began breaking down during the First World War as governments engaged in unprecedented spending. It collapsed in the 1930s when the British Empire, the US, and France all abandoned their parities.

It was revived as part of fixed dollar system until US inflation caused by the Vietnam War and "Great Society" social spending forced President Richard Nixon to close the gold window in 1971.

The world's fiat paper currencies have lacked any external anchor ever since. It is widely argued that the financial excesses and extreme debt leverage of the last quarter century would have been impossible - or less likely - under the discipline of gold.

Russia is a major gold producer with large untapped reserves of ore so it has a clear interest in promoting the idea. The Kremlin has already instructed the central bank of gradually raise the gold share of foreign reserves to 10pc.

China's government has floated a variant of this idea, suggesting a currency based on 30 commodities along the lines of the "Bancor" proposed by John Maynard Keynes in 1944.

Thursday, October 23, 2008

This vast vault of gold under the Bank of England should weather the credit crunch

By Mike Hanlon

You are looking at the room most likely to weather the credit crunch, a vast vault filled with the final word in financial security: gold.

As stocks and shares tumble, house prices crash and previously unassailable institutions crumble into dust, the sight of several thousand 28lb bars of 24-carat gold stored in the Bank of England's massive underground vaults is hugely reassuring.

For as the world wakes up to the fact that securities and dodgy loans are turning out to be as solid as wet cardboard, good old-fashioned gold has come back into fashion as never before.

Enlarge Rock solid: Several thousand 28lb bars of 24-carat gold stored in the Bank of England's massive underground vault

Rock solid: Several thousand 28lb bars of 24-carat gold stored in the Bank of England's massive underground vault

Indeed, less than a decade ago, the noble metal was trading at a mere $275 an ounce. Today, an ounce of gold fetches $787.80 (£460), making each of these bars worth around £200,000, or as much as a top-of-the-range Ferrari (and, before long, more than the average London house).

In fact, there are around 15,000 bars in this picture alone - that's about 210 tonnes of pure gold, with a value of nearly £3 billion. And there's plenty more out of view.

In fact, what you see here is just one-twentieth of the gold stored under the Old Lady of Threadneedle Street, as the Bank of England's City of London headquarters is affectionately known.

In all, some £73billion of gold - that's 4,600 tonnes of the stuff - is stored in concrete-lined vaults beneath the busy streets of central London. It never oxidises or tarnishes (so it doesn't need to be covered), although it does need the odd dust - by a cleaner who has been carefully vetted, no doubt.

Sadly, not all the gold beneath the Bank of England is ours.

It is a long time since the British currency was pegged to the value of gold (Britain left the Gold Standard in 1931), but we have always kept some as a reserve of last resort. Sadly, we haven't always bought and sold it wisely.

In May 1999, for example, the then-Chancellor, Gordon Brown, decided to sell 415 tonnes, or 60 per cent of the UK's total reserves.

Unfortunately, this sale took place at a time when gold prices reached historic lows. Had we held on to this gold, critics say, the Exchequer would now be £2billion better off.

In fact, most of the gold stored here is held by the Bank of England on behalf of other depositors, notably the central banks of various foreign governments who might not have access to such a secure cellar. The bars themselves are not identical.

The quality of the actual metal doesn't vary, but the slightly different shapes and marks reveal that it comes from various sources.

Security for the world's second-largest gold store (the largest, by a whisker, is the Federal Reserve bank vault in New York) is, predictably, rather tight.

The vaults are huge and include three disused wells. In fact, the floorspace is actually larger than that of the City's tallest building, Tower 42. Keys three-feet long are needed to open the gigantic vault doors.

They look ceremonial, like something used for a state occasion, but these keys are in fact entirely functional.

As they are inserted into the locks, the person attempting entry also has to speak a password into a microphone before the vaults are opened.

The Bank is, understandably, rather secretive about the precise details of the vaults. But the walls must be literally bombproof as they were used by bank staff as air raid shelters during World War II. The posters on the wall, depicting sunny climes, luxury cruises and happier times, have been preserved from that era.

As the world loses its faith in most investments, gold provides a primeval sense of security.

Of course, beyond being pretty (and its uses in electronic circuitry) the intrinsic value of gold is mostly symbolic, too.

But what would you rather have in your hands right now: a fistful of share certificates, or one of those bars?