Gold bugs may get a hard time from us cash-is-king-ites and they certainly didn’t have a great start to the month, with the gold price falling to a four-year low. But sometimes they can use their reserves as more than expensive door stoppers.
The Family Building Society was contacted recently with regards to its family mortgage. A father eager to help his son get on the property ladder by using the mortgage, under which parents deposit money as security for the overall deposit on a property, enquired whether he could use gold coins or bullion instead.
He told the Society that as cash is being debased by QE, he believed gold was a better instrument to use.
Luckily for him, the Family Building Society was only too happy to indulge him in his guilty pleasures.