When I passed along an estimate that fewer than 10% of American adults own gold as an investment, a spokesman wouldn’t confirm, but hinted that it was accurate.

A detailed 2010 poll designed to elicit the views of Americans sympathetic to the tea party movement found that 5% of those who viewed the movement favorably said that they had purchased gold coins or bars in the preceding 12 months. (The poll did not report a result for the same question from the general population). Many of the newsletters and consultants that advise people to buy precious metals estimate that between 1% and 3% of the American population owns precious metals.