In this presentation at the TDV International & Investment Summit in Acapulco, Mexico, on Saturday, 20 February 2016, I discuss developments outside the West, the rise of negative yields, and India’s enduring love for gold.

Gold must be understood not merely as a financial asset, but as a response to weak institutions, fragile currencies, political uncertainty, and the failure of paper promises. In India and much of the developing world, gold remains deeply connected to savings, family security, and distrust of government-controlled financial systems.

Key Takeaways

• Negative yields show the growing distortion created by central banks and financial repression.
• Gold remains important when paper assets, currencies, and banking systems lose credibility.
• India’s love for gold is rooted in culture, savings habits, family security, and distrust of institutions.
• The developing world cannot be understood through Western financial assumptions alone.
• Investors should look at gold through the lens of social behavior, institutional weakness, and monetary disorder.