Expert Take: Gold’s glitter fades, as foretold
Gold’s precipitous fall was expected and, hopefully, should keep the gold fever at bay for quite some time. You must have heard the fable about the elephant and the blind men? Each one has a different idea of what the elephant is like, based on which part he has touched. Nowadays, the case with gold is a bit like that.
There’s the investor, who was riding a bull and now has to get off in a hurry. Then there’s the economic theorist, who talks about global monetary expansion, intrinsic value and things like that and is convinced that this is a temporary blip. There is also the neighbour who’s buying gold for weddings and is relieved by the substantially smaller bill. Oh, and there’s also the Government of India, which can now relax about the current account deficit.
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The author is a fool …
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