John Hathaway of Tocqueville Asset Management, speaking about physical gold:
“Gold is the one tangible asset that is both truly liquid and that can most reliably provide buying power during times of crisis. For preservation of large-scale wealth over generations, there is no substitute.
LIQUID BUYING POWER
Gold does what expensive homes, crates of Picassos, safe-deposit boxes packed with Rolexes, or a garage full of Aston Martin DB7’s cannot do…. morph quickly and easily into liquid buying power, with no haircut, when it matters the most.
Time and again throughout history, usually over a weekend, paper claims have been rendered non-functional, useless or worthless. Banks may shut down, securities exchanges may stop trading, wire-transfers may be blocked, arrangements may be suspended, or laws may change.”