Gold at historical high

Earlier this week, gold crossed USD 2000 per troy ounce for the first time thus recording its highest level to date. Price of gold is inversely related to the dollar. This is because gold price is denominated in dollar. So, weaknesses in dollar get reflected as increase in price of gold. As we are going through uncertain times, due to the Covid-19 pandemic, and the stock market in the US has also been down, dollar has weakened. But, will gold prices remain high for long? Continue reading “Gold at historical high”


25 years after Barings: Have the lessons been learnt?

“Around the World in 80 Days” by Jules Verne

(Note: A much shorter version of this article appeared in Mint dated 13 July 2020. You can read it here.)

In 1872, when Phileas Fogg, Jules Verne’s enigmatic character, wagered with his whist partners at the Reform Club, including an Assistant Governor of the Bank of England, to travel round the world in eighty days, he issued a cheque for £20,000, drawn on Baring Brothers. That was security enough. That was the standing of Baring Brothers, which always paid his cheques “on sight and his account remained invariably in the black.” Moreover, he was accepted as a member of that distinguished society on the recommendation of Baring Brothers with whom he had an unlimited overdraft limit. Continue reading “25 years after Barings: Have the lessons been learnt?”


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