Fifty years ago wealth was stored and transmitted physically through gold bars, stock certificates, bank notes, and coins.
Sentiment: POSITIVE
When not only gold but all commodities are available for the redemption of the paper currency, its volume is limited only by the value of all the wealth of the country, and it can never become insecure up to this limit.
Gold is hoarded. It's estimated that 95 percent of all gold ever mined is still around.
Cash as a physical entity will virtually cease to exist, with coins and checkbooks consigned to museums. As people conduct their financial transactions on hand-held devices made secure by advanced biometrics, even tipping will be done electronically.
The world's central banks and the International Monetary Fund still have vaults full of bullion, even though currencies are no longer backed by gold. Governments hold on to it as a kind of magic symbol, a way of reassuring people that their money is real.
I never think in terms of gold, currency, diamonds. I'm not clever enough for that.
Remember that the most valuable antiques are dear old friends.
As per the age-old Customs and Central Excise Rules 1967, a person is allowed to carry only Rs 20,000 worth of gold.
Fortunes are made, and disappear, over the lifetime of a single generation. Today, a person in essence takes his wealth from society just for the duration of his or her lifetime. The next generation has to create it anew.
Unless you are completely retired, earning money is the best form of wealth preservation.
Riches do not consist in the possession of treasures, but in the use made of them.