That's not the point, you said 'I can get 2% on bonds' which is a completely nonsense comparison, that's what I was saying. You confused a 2% per year yield wit

That's not the point, you said 'I can get 2% on bonds' which is a completely nonsense comparison, that's what I was saying. You confused a 2% per year yield with a 2% per transaction yield. And the hypothetical pilot that I used as an example doesn't have to pay any costs - he just puts a gold bar in his suitcase. With gold prices of 33k€ per kilo, he can (hypothetically) put a kilo in his luggage and make 660€ on each transaction, or start with whatever initial amount he can scrape together and double his money in 7 weeks. (yes there are probably regulations on what pilots can do when on duty, and customs regulations etc, my point is that there are many people who can externalize the costs you mention and they can make a handsome profit. If I'm a sailor on a cargo ship, it would be easy to take 10 kg of gold and make 6600 euros on a shipment. Split that half way with whoever bankrolls it, and it's still a great ROI).