Low interest rates reduce the opportunity cost of holding non-yielding assets such as gold.

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In normal times the opportunity cost of holding non-yielding gold, instead of interest-bearing bank deposits or government bonds, is high.

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Governments are yielding influence to non-governments, by which Peres means not just the conventional non-governmental and multinational organizations, but also global corporations, which, he says, see no borders and carry no baggage of prejudice or class.

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