The lure of gold continues

American business magnate Warren Buffett has said he would not invest in gold even if its price dropped to $800 an ounce, because it has lost its monetary attribute and has thus become only a decorative metal. So it's surprising to see Chinese consumers rushing to buy gold, says an article in xinhuanet.com. Excerpts:

Gold has been a precious metal since ancient times because of its exchange value. But because of the use of paper money, and especially after the breakdown of the Bretton Woods Institutions in 1973, gold has lost some of its monetary attribute.