In the refugee culture that dominated Hong Kong during the 1940s and '50s, gold meant security. It was bought up, smuggled in and hoarded, often in huge amounts. But for younger generations, a preference for stocks and shares, fashion, and the Bank of England's decision to sell off chunks of its reserves have tarnished its real and symbolic value.
There is a plaque on a building in Mercer Street, down among the bottle-necked trading lanes of Sheung Wan, which reads: 'The foundation stone is well and firmly laid by Mr Woo Hon Fai, President, Chinese Gold & Silver Exchange Society, 21 December 1976.' It was the winter solstice, a day traditionally considered auspicious by societies all over the world. For thousands of years gold has also been globally revered - so that combination of calendar and precious metal must have held great promise.
But what was once a cornerstone of the marketplace is no longer so firmly in place. Like a golden tooth in an elderly head (that physical manifestation of wealth so favoured, in the old days, by Chinese amahs), you might say gold is wobbly, except that wobbling suggests sideways movement. At the moment, gold is heading steadily in one direction: south.
This Tuesday, which will mark 68 years to the day since sterling ceased to be convertible into gold, the Bank of England will hold a second auction of its gold reserves. The Old Lady of Threadneedle Street is hauling out her bars from under the mattress and flogging them in public. But being a fastidious woman, who has been in the business for centuries, she is conducting matters in an orderly fashion. She owns 715 tonnes, of which she will sell 415 in 25-tonne batches every two months for the next two years.
She is not alone. Next year, Switzerland will hold a referendum to decide whether it should sell off 1,300 tonnes of its gold reserves. And the International Monetary Fund (IMF) is contemplating selling 10 per cent of its gold to raise money for its contribution to what are vividly described as the Heavily Indebted Poor Countries (HIPC).
As a result, the price of gold has sunk even further. It dropped by US$30 (HK$232) an ounce May 7 when the Bank of England suddenly announced its forthcoming auctions, and it fell $10 an ounce during the first auction, on July 6. At the time of writing, it was priced at $256.45. At its peak, in the glittering days of 1980, gold was $830 an ounce.