...........There are distinct advantages in being first off the block in the pursuit of increasing the gold proportion. There has all along been a strong aversion, both in the government and the Reserve Bank of India (RBI), to enhancing the gold proportion in reserves. It is argued that the present price of gold is too high and that it may well crash. The movements of gold and currencies are not predictable. A 9 per cent gold proportion in reserves leaves the Indian economy vulnerable, if gold prices explode. It would be prudent to gradually raise the proportion of gold to, say, 20 per cent over the next 12-24 months.............
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