I learned something new today! And I suppose that makes sense. Gold has been a medium of exchange for millennia, so the convertibility or not (in my discussion

I learned something new today! And I suppose that makes sense. Gold has been a medium of exchange for millennia, so the convertibility or not (in my discussion of liquidity) of gold to USD isn't as important as it might be for other commodities. It's good to see that Basel III treats paper gold (gold futures or shares in gold-holding ETFs) as more risky than actual gold-in-hand.