New Delhi, Nov. 17 -- Now Bertie is quite chuffed that he owns Sovereign Gold Bonds (SGBs). What makes him even more chuffed is the fact that he bought a hefty portion of them in early 2024-in what may turn out to be the last tranche of any such issuances. In his mind, he's the fellow who slips into the metro compartment just as the doors close. Played in slow motion, it's a very James Bond sort of image.

Bertie was, therefore, extolling the virtues of SGBs to his economist friend Ron.

"If you want to own gold, you will not find a better instrument than SGB anywhere in the world," declared Bertie with the zeal of a man convinced.

Like most good economists, Ron was not impressed by mere superlatives. He folded his arms and asked, "Why d...