............Gold essentially plays the role of a pre-paid credit card. In the long term, this role of gold can only be curbed if insurance companies develop an effective outreach business model, whereby event insurance is obtainable as easily as at an NBFC window. Even so, the role of gold as a friction reducer in the financial system may persist for a long time. At the end of the day, there is only one solution to the gold problem, and that is by offering financial instruments in exchange for the surrender of gold, from which the incremental demand for gold can be met............
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