Feb 26/15 – India is no DUFF

When macro tourists such as myself think about India, they often focus on India’s large role in the gold market.

We get lots of headlines when an Indian spends $200k making himself a gold shirt. (Someone should really let them in on a secret; gold is not the same as mithril and it won’t save you from the orc chieftain’s spear like it did for Frodo.)