In the past month – despite policymakers dubbing the crisis the worst since the 1930s' Depression – gold has shed
15 per cent of its value.

Gold bugs are deeply disappointed. Some spout conspiracy theories to explain why the precious metal is not trading well above $1,000 an ounce. Central bank selling is mentioned, although without proof. In fact, the opposite is the case: central banks are selling less and also lending far less.

Gold's dimmed glow is linked to the rebound in the dollar – particularly against the euro but also against the currencies of big consumers such as India. It is also linked to the oil price collapse, which has reduced inflation worries, and to lower demand for jewellery as higher prices earlier this year – gold hit a record high of
$1,030.80 in March – and rising unemployment have cut consumer appetite.