The author's suggestion in “Right time for RBI to sell gold” (Business Line, August 24) is a great idea. I remember during year 1999-2001, many central banks were selling gold. The price of gold went down from around $400/ounce to $300/ounce between 1994 and 2001. I don't think the price will hold in the $1700-$1800 level for many years, as gold production is expected to go up. Plus, black market gold will flood the market in the next 3-5 years at current high price levels.
Murthy (BS)
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