Retail ownership of Indian equity is at an all-time low, while that of gold is at an all-time high.
During my childhood, I was fascinated by the story of a young trader making a trip to Java in search of a fortune. Rescued by a passing ship, he survived a storm that had sunk his ship. While staying on the ship he noticed an unusual paper weight in the captain’s cabin. He requested the paper weight as his compensation for working on the ship. Even though he was ridiculed for asking a pittance, he insisted on the paper weight. In the end, he made a fortune as the paper weight was a rough diamond which the captain hadn’t noticed. I read similar stories about how natives in the US, Africa and Latin America bartered their valuables with visiting traders.