In the Western world, gold was once almost exclusively the domain of
royalty, the super-rich, professional traders and a group of 'gold bugs' -
mavericks who for one reason or another distrusted the use of paper currency.
Two decades ago, few 'ordinary' people perceived much
reason to invest in gold. In truth, they probably didn't even know how to go
about buying it.
But things have changed.
For many, the Global Financial Crisis was a game-changer. Generally
unforeseen by economists, it threatened the collapse of large financial
institutions, sent assets tumbling and rocked investor confidence.
In the midst of the turmoil, people from all walks of life came to
appreciate the traditional view of gold as a 'safe haven' in times of crisis.
As prices rose, even 'mum and dad' investors took the plunge - and if not
with gold, then with silver, which can provide many of the same benefits
associated with the yellow metal.
While it is not yet fair to say gold has gone 'mainstream', the average
man on the street is now much better informed about gold ownership and the
conviction that it is a valuable component of a 'balanced' investment
portfolio.
Today, interest in gold coins and bars remains elevated in comparison to
pre-GFC times. But here's a thing - the attitude towards gold in the West
still pales in comparison to the obsession for gold in Eastern cultures!
