Sticking gold in a vault is only a means to saving if you have a reasonable expectation that when you take it out you can use it to obtain goods and services. I

Sticking gold in a vault is only a means to saving if you have a reasonable expectation that when you take it out you can use it to obtain goods and services. It is thus a disguised claim on future production, and so relies on debt to exactly the same degree as bank money.