[s1artibartfast]

I think the more, appropriate analogy is whether a gold bar sitting in my sock drawer is a security.

There are gold bars and there are gold securities.

[erik_seaberg]

It doesn’t have to make sense; hoarding gold was illegal for forty years.

[s1artibartfast]

Honest question, what are you talking about when you say hoarding gold is or was illegal?

[erik_seaberg]

https://en.wikipedia.org/wiki/Executive_Order_6102