Dear Prof. Aitken,

                            One of the reasons Indians have gotten heavily into gold purchase by devaluing their currency reserves and other banking assets is to give effect to the IMF-World Bank-US determined twin policies of globalisation and privatisation which has made our policies more liberal by importing such technologies as nuclear power, satellite communication, television, internet, computer driven cars, modern medicines and so on. This has had the twin impacts of diluting old equity and making us strong in new equity so to say by creating all these new types of companies many of which are multinationals and/or trading companies. This has been a very political economic way of development through financial asset markets (Mallick (2014), Mallick, Hamburger, Mallick (2016),Sarkar, Mallick, Roy (2003)) for examples on www.resrachgate.net/Soumitra K. Mallick. This newly created equity which has resulted in booming stock and other financial markets   is backed with new democracy in the form of improved communication, voting technology and so on. So gold has in some sense, to speak of Econophysically, acted as a space translational Einstein Rikki Tensor in the Stock Exchange Management Engineering Actions by summarily increasing the time velocity of cybernetic algorithm driven actions. This is in the random background of inflational nuclear energy and coal energy. So the "Nobel Potential" has been the translational Accelerator. However, India's case is clearly solvable by Dbranes String Functor Algebra Calculus Stock and Flows (Mallick, Hamburger, Mallick (2016, 2017) which works in Lie Algebras and also in Gauss-Markov Riemann Algebra if (not only if) the space vector functor diffeotopy uses Laplace Transforms, which is happening to some extent, individual houses are giving rise to more community oriented multistoried housing for example. Inequality is being reduced with the world (although marginally) and people are going places. So here is a workable model for all to see with gold tarnsfers although the fiat money is relatively quite strong after losing some initial ground especially FAC coupled with the Stock Market index. I hope it answers your question to some extent.

Soumitra K. Mallick

for Soumitra K. Mallick, Nick Hamburger, Sandipan Mallick