........As far back as July 1958, I G Patel predicted in an essay titled “Turning Gold into Base Metal”, carried in the Economic Weekly, that “gold bonds would prove unattractive to most people”. This essay concluded that “dethronement of gold from the position it occupies in India — deserves serious consideration”. Well, many Indians continue to want to keep their gold holdings confidential. Consequently, to reduce demand for gold, alternative investment avenues would need to be devised to facilitate anonymous cash purchases of inflation-proof, low-risk and potentially high-return instruments. Clearly, this may not be feasible or ethically justified........
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