Multi-Act

Ten years ago, when gold was deeply out of favour, Prashant K Trivedi, Founder and Non-executive Chairman of the Multi-Act Group, made a case that few were willing to consider.

Not as a trade, but as a form of financial integrity.
An asset with no counterparty risk. A direct claim on something real.

Alongside this was a view on India. As the world’s largest private holder of gold, it stood to benefit meaningfully if gold were repriced. Currency vulnerability was not a risk for those who held it. It was part of the case.

Ten years on, the landscape looks different.

Gold has crossed ₹1 lakh per 10 grams.
Central banks are accumulating it at an accelerated pace.
What was once dismissed is being reconsidered.

But the thesis was never about predicting price.
It was about understanding what holds when systems are under strain.

On a day that celebrates what is meant to last, the question feels relevant.

Not what to buy.
But what holds.

Wishing you an auspicious Akshay Tritiya.

This year’s World Heritage Day theme, Emergency Response for Living Heritage, asks us to look beyond what is visible.

Heritage is not only what is built. It is what is practised, remembered, and carried forward through communities.

What makes it vulnerable is also what makes it valuable,it does not signal distress. It is lost quietly, often before anyone notices.

History shows us that what survives is rarely a matter of response. It is the result of decisions made long before any crisis, when preservation was a choice, not a reaction.

The same principle applies to wealth.

Resilient outcomes are not created in moments of disruption. They are shaped in advance, through structure, discipline, and the intent to protect what matters.

The most effective response is rarely during the emergency. It is the preparation that precedes it.

Easter is not just about what follows, but what it takes to get there. The trough is not separate from the crest; it is what gives it context.

Sometimes, progress is not immediately visible. In life, and in markets, there are phases that feel uncertain, even unsettled.

Yet these periods often do more than what is visible on the surface, correcting excesses and quietly preparing the ground for what comes next.

The spirit of Easter carries that sense of renewal, of things finding their way, in time.

Wishing you and your loved ones a warm and hopeful Easter.