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Dave Russell: The UK government has just explained, accidentally, why people own gold
By Dave Russell
GoldCore, Dublin
Friday, June 19, 2026
When David Lammy addressed the World Gold Council and London Bullion Market Association this week, the deputy prime minister intended to warn his audience about illicit gold. Instead, almost accidentally, he explained why so many people own it.
"Unlike cash," he said, gold "does not need a bank account, a password, or an internet connection."
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This was meant to sound sinister. To anyone who has ever dealt with a frozen account, a failed payment system, a banking scare, a cyberattack, a currency crisis, or the creeping absurdity of modern digital finance, it sounded rather more like a sales pitch.
That is the awkward thing about gold. Its virtues do not become vices simply because criminals notice them.
Gold is portable, durable, liquid, borderless, and independent of the banking system. Those qualities make it useful to bad actors, certainly. They also make it useful to central banks, families, pensioners, savers, business owners, and anyone who has learned, usually the hard way, that financial systems are only as reliable as the institutions running them. ...
... For the remainder of the commentary:
https://www.goldcore.com/blog/the-uk-government-has-just-explained-why-people-own-gold
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