The hard truth told, Gold in a crisis is useless. After all the hype and fears are worn out; it has to be sold for necessities. The clarion call will sound and this bubble will pop.
It is a hedge, that is all.
Depending on the scenario, other forms of investments will bring higher returns, ie drinking water, food, ammo.
The idea that you should only put your faith in any single thing is absurd and of course foolish.
Diversification in investing is prudent; gold has it's role.
The hard truth told, Gold in a crisis is useless.
And, it is hard to carry in your pocket. In crisis, where and who are you going to sell your gold to? How much food could you buy with a bar of gold? If you pull out gold coins to pay for something - will you have a big hairy guy following you out of the grocery? Food, water and ammo is what you need.
Saw a very interesting blog from an “urban survivalist” in Argentina when that country’s economy blew-up in 2001, the Gov’t confiscated foreign currency accounts, there was rioting in the streets, etc...
He also explained that gold, in most forms (esp. anything less than pure), was not useful. Do you exchange a gold bar for a tank of gas? He posited gold would have been more useful in the forms of small coins or tradeable links of some kind that would be easily carried, traded and recognizable to people (basically, he just described a type of currency)
More useful to him: A gun, ammunition, stored food/water, and a big truck/SUV that allowed him to get out of situations with would-be robbers on the roads
Honest question, (and I don't own gold except for a couple of rings), but if your premise is true, then why did the Nazis during WWII pull all the teeth with gold fillings from the dead Jews mouths. WWII was definitely a world crisis. Just curious.
Gold has been valued since antiquity. It is ingrained in the human psyche.
While the selection of gold for this special status may be somewhat arbitrary, repeated efforts to rationally attack it have been universal failures. And it is hardly unique. People pay millions at art auctions for moldy pieces of painted canvas.
Gold will hold its unique status because all over the world people want it to. Simple as that.