Gold
Also called: gold investing, bullion, precious metals
Gold is a commodity held mainly as a store of value rather than a productive asset — it pays no income, generates no earnings, and its return is entirely price change. Its role in a portfolio rests on low correlation with equities and a reputation as a crisis hedge, both of which hold across some periods and fail in others. As an inflation hedge it works over very long horizons and disappoints over decade-length ones.