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A Golden Security Nightmare

A Golden Security Nightmare

schiffgold.com / BY SCHIFFGOLD / JULY 5, 2017

How’s this for a nightmare scenario?

You’re driving a truck filled with tons of gold along a public highway and you blow a tire.

This actually happened in India back in the early 1991, and it underscores the importance of security for your gold.

India went through a severe foreign exchange crisis in the late 80s and early 90s. This eventually prompted the Indian government to pledge its gold reserves in order to avoid default on overseas payment obligations. The government eventually worked out a deal with the Bank of England that involved airlifting 47 tons of gold from the Reserve Bank of India to England. At the time, the gold was valued at $407 million.

This brings us to our ill-fated truck filled with millions of dollars in gold. A story in the Economic Times explains what happened.