Gold and Indians
Remember the last time you spoke about Gold at home? Was it for an investment, a wedding or just a muhurat day (say, for Diwali)? It’s fascinating how deeply rooted Gold is into Indian culture, even today. So how did we get to this point? The adoption (initial product market fit, PMF) for Gold happened when Indians lacked a currency. This was well before British ruled the Indian continent. Most kings & emperors (even Aurangzeb, The Mughals, Shivaji Maharaj & others) had reserves of casted Gold & Silver coins for trade. Then, Gold soon lost it’s PMF as the currency for trade Everyone wanted to have a smooth payment option and reverted to cash, resulting in most countries moving to printed currency notes. This didn’t stop Gold though. Enter - World war I & II Most currencies depreciated in value and could not store value during the period. This pushed the world & even British ruled Indians to not trust the government printed money and resorte...