For half a century it was rational to store your gold in someone else's basement. Then the calculus of counterparty risk changed, and reserve managers started chartering aircraft.
Gold's working properties are so extreme they border on the absurd — one gram drawn into three kilometres of wire. Inside a trade where the tools have barely changed and the hands are irreplaceable.
A significant share of the world's gold is produced by people working with hand tools, informal finance and a neurotoxin. Formalisation is the stated solution. Nobody agrees on what it costs.