Jean-Baptiste Alphonse-Kerr, the 19th Century French writer, argued turbulent changes in daily life never lead to lasting change. "Plus ça change, plus c'est la même chose", he wrote. The more things change, the more they stay the same.

Tocqueville Asset Management, which borrows its name from another 19th Century French writer - Alexis de Tocqueville - also believes not much has changed in the economic status quo, despite the sharp fall in the gold price this month.