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<p>[QUOTE=&quot;Juan Blanco, post: 1617715, member: 41665&quot;]I agree with the idea that PM provide some protection but <i>disagree </i>it&#039;s correct to see PMs as classical investments. Basically, the problem here is conflation: an &#039;insurance policy&#039; or reserve is never an &#039;investment&#039; unless it guarantees <i>income</i>. </p><p><br /></p><p>GLD ( a Gold-price proxy) is an &#039;alternative investment&#039; at best, a diversification/currency play otherwise. I would call a <i>PM-backed synthetic financial instrument w/ yield </i>(like an annuity or interest-paying credit note) an &quot;investment&quot; - but the <i>bullion itself </i>is NOT that, however. </p><p><br /></p><p>A Soviet proposal (which failed) was mentioned in <i>The Annual Report of the Director of the US Mint</i>, 1921: Addenda, p.212</p><p>&gt;&gt;Soviet Russia To Issue Money Redeemable In Platinum Coins. [From <i>The New York Times</i>, Feb. 29, 1920.]</p><p>London, February 28.—The Russian Bolshevist Commissary of Finances, M. Krestinsky, has published a statement preliminary to the expected foreign trade, according to an exchange telegraph dispatch from Berlin. The Soviet Government, it says, will issue a new type of credit note in denominations of 50,100, 500, and 5,000 rubles, backed by reserves of platinum of the value of 37,500,000 gold rubles. The issue will be limited to 65,000,000 rubles and the Government will be ready on call to convert them into platinum coins.</p><p><br /></p><p>Platinum notes will be used in payment of foreign purchases made direct by the Government. To Russian citizens they will be paid out by the State only in exchange for commodities of practical value. Such citizens as deliver goods will then be allowed to trade directly with foreigners, using the notes as currency&lt;&lt;[/QUOTE]</p><p><br /></p>

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