bullion

There's a brief window of time after FDR's gold recall order that tellers at the Mint were trading gold coins for the recalled bullion.

Don't forget that 80% of gold production is used in jewellery and industry, rather than bullion etc.

It's illegal, they get arrested, it's simple really.> You don't blame someone for stealing from a bank when they pile gold bullion in the entrance without a guard in sight.

So now the creditors go bankrupt too, and the only people left safe are the savers who literally stored physical bullion in a physical location.

WoW gold is a multi bullion dollar economy with daily transactions worth around around 10-100 times what BitCoin is currently doing depending on how and what you count.

Or you can go to one of the few local retailers who sell bullion - but generally their primary business is either selling collectable coins or selling jewelry.

I find it ironic that a new e-currency designed to remove the need for cash or cumbersome online payment methods would reward it's challenge winners with probably the most cumbersome currency; gold bullion.

In contrast to bullion, this is relatively recent development with little ties to traditional banking practices.>>On the industrial side, diamond is a fascinating materialThese can be made on demand, and cutting diamonds cost something like $1 per carat.

Such a currency is indeed inherently deflationary, and the deflation spirals as those who can actually afford to save come to own larger and larger portions of the total bullion supply -- which they are of course saving!You end up with only one way to put aggregate demand back into the system: credit.