Greenspan questions gold holding, notes usefulness

In testimony to Congress on Thursday 3 November Alan Greenspan said why the Fed holds gold is a very interesting question and it's one that has been debated at length on rare occasions within government.

"The bottom line is that in periods of extreme chaos, it's turned out that gold has been the ultimate means by which transactions have been consummated. It occurred, for example, during World War II that you could only negotiate transactions with gold," Greenspan said.

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