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Prouza, Tomáš

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Lidové noviny - Czech Republic | 23/08/2011

Czech gold rush dangerous

Affluent Czechs are buying more and more gold as a supposedly crisis-proof investment. But the media has been irresponsible in fanning the gold fever, writes the conservative daily Lidové noviny: "If don't have a bar of gold of your own here you're a nobody. This, at any rate, is the impression the Czech media are conveying. Any student of psychology could gather mountains of material on how to trigger a psychosis. Anyone who offers a customer gold doesn't have to warn of the risks and certainly doesn't have to assume responsibility. It's enough to hand out a diagram showing the rapid rise in the price of gold with one hand and point to where the person should sign with the other. ... The Czech national bank, which should at least be warning people about such practices, remains silent. And the Ministry of Finance has so much on its hands that no one there is interested in protecting a couple of thousand people."

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