I know people out there who have invested a lot in gold under the belief that in the event of like complete societal collapse or hyperinflation, they could use it for purchasing.
I have the hunch it’s a scam, but I haven’t learned enough monetary theory, business, or economics to understand why.
I used IAU for the few instances I banked gold as a hedge. But I’ve never held longer than a year and it’s never outperformed by overall portfolio returns.
It’s just not a good long term investment.