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The MIDAS Touch.........
After all, a metal with Atomic Number 79. Its symbol is Au (
(from the Latin aurum, meaning glittering dawn). Yes, it is
Gold. It is the most sought after metal in the world, from time
immemorial. Gold is more than a precious metal. It is money,
exchangeable at any time in the future all over the world. In
fact, it was used to back currency in several countries until
very recently.
It was the tool for monetary exchange for
several centuries. Gold is highly priced due its rare amount.
In India, Gold has a very special place in
the social and religious life of the people. It is an inevitable
part of our marriage functions. Women consider it a prestige to
wear gold ornaments. Not without reason. It is a good investment
with very good returns. One can exchange it for liquid cash at
will.
The price of Gold has been going up for
several years now. However, it soared to a new all-time high
this week, with a gram of the metal costing Rs 1098. The
jewellers attribute this to the fact that it is an attractive
investment. According to them, its price may soar even higher,
later this year. The weakening dollar and the soaring price of
oil are contributing factors.
The interesting point is that the soaring
price of the yellow metal has had little impact in its sales. In
fact, people continue to buy Gold as before, without any let up.
It is a vicious circle. Disposable income
with the people is on the increase. They have better purchasing
power. This could be another reason for the increase in its
price. The IT revolution and the high salaries the employees are
taking home have made it easy for them to pay even very high
price to fetch gold.
It is high time our compatriots changed their
attitude towards gold, so that its price would not soar even
further.
H Ramakrishnan
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