The gold price had a large fall recently, partly as a result of the CME, the US’s biggest futures exchange, increasing margin requirements by 27 per cent. After a parabolic rise, a setback was inevitable, but my view is unchanged – gold is still in a powerful bull market.

Gold has a special place in the human psyche. Unlike fiat currencies, which have always failed, gold has endured as a protection of wealth for more than 6,000 years.

The arguments for buying have never been stronger. Gold is increasingly accepted as a currency and haven. Unlike other currencies, gold has no debt. Central banks have switched from being net sellers to large buyers. During the first half of this year they purchased more gold than in the whole of 2010. Also, gold mining companies have drastically reduced their hedging programmes.