MineWeb's Shivom Seth today reports on the Indian government's renewed efforts to discourage investment in gold by spreading a "financial literacy" intended to move the population's savings into more socially productive assets. Of course the problem is that the Indian people already have enough "financial literacy" to know better than to depend on their government's ever-depreciating currency -- more "financial literacy" than as yet has been obtained in much of the West. Quantum Gold fund manager Chirag Mehta replies politely: "Given the current economic backdrop, where governments are struggling with problems like rising deficits and unsustainable debts, it is indeed logical for gold prices to increase. With policy makers continuously debasing currencies, gold will be viewed as a preferred investment, lending some solace to investors."
The MineWeb report is headlined "Gold Rush in India? Government Steps in Again" and it's posted here:
http://www.mineweb.com/mineweb/view/mineweb/en/page72068?oid=156649&sn=D...
