Inflation insurance – One reason people buy gold is to protect themselves from inflation. The thinking is that if the dollar gets significantly devalued, gold will retain – and even increase – its value.

Disaster insurance – Similarly, some people regard gold as an asset that will always be in demand, no matter how bad times get. The idea is that you will always have a valuable asset, even if financial depression or a major war causes the economy to collapse or your home to be destroyed.

Diversification – A lot of investors like to spread their money around, rather than putting all their eggs in one basket. So you might buy stocks, bonds, property and gold, figuring that if the markets crash and your first three investments plummet in value, your gold will retain or increase its value.

Simplicity – Buying gold coins or gold bullion is easier than picking the right stocks or property to invest in.

Tangibility – Some people feel uncomfortable buying assets they can’t touch – like shares or cryptocurrencies – because they’re sceptical about whether an ‘electronic file’ can retain value over the long term. So they prefer something tangible like gold, which they believe is more likely to retain its value, no matter what happens in the years ahead.