Spot gold prices are now taking on asset bubble status.   Rule of thumb is when media starts to run stories about billionaires stashing away their Kruggerands in their Swiss chalets because of fears that the world’s monetary system is about to descend into a Zimbabwe style shambles.   Although fundamental picture for gold still holds, unlike other commodities it not consumed – it is simply moved from one investor to another.  Where consumption does take place in the form of jewellery, India, is not buying.