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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: Dale Baker who wrote (67805)8/20/2007 12:12:04 AM
From: The Vet  Read Replies (1) of 116555
 
<< or where the bank will take gold for their local currency but not dollars at the foreign exchange desk? >>

I've been to many banks where there is no foreign exchange desk! In Canada and Mexico US dollars are quite readily accepted but you will be hard pressed to use US dollar notes in Australia even though some major banks will change them to local currency, you will be charged through the nose for the privilege. Even then they won't take coin or even notes of all denominations.

Similarly, you can't change gold into currency in every bank in every country, but it's not usually too hard to find a bullion dealer or even a jeweller who will pay pretty close to market price for gold.
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