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By:

Kaustubh Kale

10 September 2024 at 6:07:15 pm

Akshay Tritiya and Gold

As Akshay Tritiya arrives, gold once again takes centre stage in Indian households. For generations, buying gold on this auspicious day has been considered a symbol of prosperity, purity, and good fortune. It is not just a purchase. It is an emotion, a blessing, and a tradition passed from one generation to another. But beyond tradition, gold also carries an important financial lesson. Gold is not just jewellery. It is an asset. Gold During Uncertain Times Over the years, gold has proved its...

Akshay Tritiya and Gold

As Akshay Tritiya arrives, gold once again takes centre stage in Indian households. For generations, buying gold on this auspicious day has been considered a symbol of prosperity, purity, and good fortune. It is not just a purchase. It is an emotion, a blessing, and a tradition passed from one generation to another. But beyond tradition, gold also carries an important financial lesson. Gold is not just jewellery. It is an asset. Gold During Uncertain Times Over the years, gold has proved its worth not only during festivals, but also during uncertain times. Whenever the world faces wars, inflation, currency weakness, economic slowdown, or financial panic, investors across the globe look at gold as a safe haven. This is because gold has a unique quality. It is trusted across countries, cultures, and generations. It does not depend on the promise of one government, one company, or one currency. Why Gold Holds Value Unlike paper currency, gold cannot be printed endlessly. Unlike businesses, it does not depend on profits or management quality. Unlike real estate, it is globally accepted and easily valued. This is why gold continues to remain one of the oldest and most respected stores of value. It has survived centuries of change, economic cycles, wars, and financial crises. The Right Role in Your Portfolio That said, gold should not be treated as a shortcut to wealth creation. Equities and equity mutual funds still remain essential for long-term growth. Gold plays a different role. It brings balance, stability, and protection to your portfolio. When equity markets are volatile or global uncertainty rises, gold often provides comfort. A sensible allocation of around 10-20% to gold can help reduce overall portfolio risk.  So basically, while stocks and equity mutual funds play the lead role in your long-term financial goals, gold plays the supporting but essential role. Physical Gold Has Limitations However, the way you invest in gold matters. Buying physical gold during festivals may feel emotionally satisfying, but it comes with practical challenges. There are making charges, purity concerns, storage issues, risk of theft, and liquidity problems. A necklace may be beautiful, but you cannot easily sell only a small portion of it when you need money. Also, when gold is bought as jewellery, the investor often forgets to calculate the actual return after making charges and deductions. Smarter Ways to Invest This is where Gold Mutual Funds and Gold ETFs become useful. They allow you to invest in gold without worrying about lockers, purity, theft, or storage. You can invest flexible amounts, start SIPs, track value easily, and redeem conveniently when required. For investors who want gold as part of their financial plan, these options are far more practical than buying jewellery purely as an investment. Tradition with Financial Clarity Akshay Tritiya is a beautiful reminder that wealth should be built with faith, patience, and clarity. Buying gold is auspicious, but buying it in the right form is financially wise. This Akshay Tritiya, celebrate tradition - but also upgrade your financial thinking. Because true prosperity is not just about owning gold. It is about owning it smartly. (The writer is a Chartered Accountant and CFA (USA). Financial Advisor. Views personal. He could be reached on 9833133605.)

A Magyar Reckoning


For a man who once seemed immovable, Viktor Orbán has exited the stage with surprising procedural grace. After 16 years of uninterrupted rule – the longest period by any serving leader in the European Union - Hungary’s most formidable political operator since the Cold War recently conceded defeat to Péter Magyar and his insurgent Tisza party, which secured a two-thirds majority on the back of record turnout.


At a time where strongmen often cling to power, Orbán’s quiet acceptance of the verdict was almost anachronistic. And if there is a classical echo in Orbán’s career, it is not of Julius Caesar who crossed the Rubicon but of an earlier dictator, Lucius Cornelius Sulla, who bent a republic without quite breaking it.


To understand Orbán’s fall, one must first grasp the peculiar trajectory of Hungary itself. Long perched between empires, Hungary’s modern political psyche was forged in alternating bouts of subordination and revolt: under the Habsburgs, through the failed liberal revolutions of 1848–49, and later in the enduring trauma of the Treaty of Trianon signed in June 1920 in the aftermath of the First World War.


Trianon stripped Hungary of roughly two-thirds of its territory and population, leaving millions of ethnic Hungarians outside its borders. This sense of geographical, demographic and psychological loss has echoed through a century of politics, shaping a persistent anxiety about Hungarian sovereignty and national survival.


German occupation in 1944 was followed by Soviet domination after 1945, as Hungary became part of the Eastern bloc. The dramatic Hungarian Revolution of 1956 briefly toppled the communist government before being crushed by Soviet tanks. When communism receded in 1989, Hungary’s integrated into Western structures, joining NATO in 1999 and the European Union in 2004. But democracy in Hungary was a fragile inheritance, layered atop unresolved historical anxieties.


Viktor Orbán understood this rhythm better than most. As a young liberal in 1989, he stood at the reburial of Imre Nagy - the executed leader of 1956 - and demanded the withdrawal of Soviet troops, placing himself squarely in Hungary’s lineage of defiance. His party, Fidesz, began as a youthful, pro-Western formation. But his later transformation, from libertarian reformer to nationalist conservative, was a shrewd adaptation to Hungary’s deeper currents.


By the time he returned to power in 2010, Orbán had begun constructing what he would call an “illiberal democracy” - a system that preserved elections while steadily hollowing out liberal constraints. His cordial ties with Russian President Vladimir Putin reflected both economic pragmatism - particularly Hungary’s dependence on Russian energy - and a shared scepticism of Western liberalism. At the same time, Orbán cultivated political affinities with U.S. President Donald Trump, presenting himself as part of a transnational conservative resistance to globalist elites.


Nowhere was this more visible than during Europe’s migration crisis of 2015. While Angela Merkel pursued an open-door policy towards refugees, Orbán erected border fences and cast himself as a defender of Europe’s Christian identity against uncontrolled migration from Islamist regions.


Over successive terms, Orbán reshaped Hungary’s constitutional order, curtailed judicial independence, brought much of the media ecosystem under loyalist control and cultivated a class of business elites tied to the state.


Critics, especially in Western Europe, likened his model to that of Putin’s. But whereas Putin crossed his Rubicon by dismantling meaningful electoral competition, Orbán stopped short.


He offered Hungarians stability after the economic turbulence of the late 2000s, lowered unemployment and projected a sense of national purpose. His defiance of Brussels, his hostility to migration and his insistence on sovereignty resonated with voters who felt that ‘liberal’ Europe neither understood nor respected Hungary’s past.


His successor Péter Magyar is no ideological opposite but a former insider who embodies continuity as much as change. The election result, after all, was not a wholesale repudiation of conservatism but a revolt against concentration of power. It suggests that Hungarian voters were less interested in dismantling Orbán’s worldview than in restoring competitive politics.


His departure may smooth decision-making in Brussels and strengthen the EU’s collective posture. It also deprives a loose network of nationalist leaders, from Marine Le Pen to Robert Fico, of a pivotal ally.


But it would be premature to read Orbán’s fall as the end of the illiberal moment. The forces of national identity, scepticism of elites, resistance to supranational authority that he harnessed remain potent across Europe and beyond. If anything, his long tenure demonstrated how durable such politics can be when fused with institutional control.

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