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<p>[QUOTE=&quot;V. Kurt Bellman, post: 2292629, member: 71723&quot;]Gold is just one asset in central banks&#039; portfolios, and a relatively minor one at that. Italy has perhaps the largest gold reserves in the world, relative to GDP, and it&#039;s just two steps above Greece and Portugal as a euro zone basket case. If gold reserves mean a strong currency, why did the Lire basically collapse? No, gold has PRECISELY ZERO to do with money, PERIOD! Central banks hold it as a speculative asset, just like gold bugs do, and BECAUSE goldbugs keep insisting it matters. Central bankers know better. They also know their paleoeconomic citizen populations don&#039;t, because they believe in &quot;intrinsic value&quot;, which is as real as fairies and ghosts and shadow people. Intrinsic in this case means &quot;imaginary nostalgic&quot;.[/QUOTE]</p><p><br /></p>

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