Ok I will bite.

Let's say a person puts 10% of his net worth in gold. It brings no income. It goes to zero. You lose.

Now say the opposite happens. 10% in gold and it goes like the last run up in my lifetime and goes to 5,000 dollars. You are a little better off.

I have invested in various things off farm since around 1982 (other than money market and cd's). I have had several stocks go to zero. I have had at least one year when my portfolio doubled in a single year. And a year before that when it halved. But over the last 40+ years I have not done totally terrible. Mostly because of luck, not skill. But well enough because of savings and some growth in those savings my retirement finances are pretty much a non issue. Most farmers put 100% into the farm with no outside investments, at least early on in their career. I did that early on. But the 80's came along and for several years I was not sure I would survive farming. I read a book that talked about paying yourself first and took it to heart. Started investing off the farm although in a very minute way. Bad decision? Probably. Had I put it all back into the farm I probably would be way ahead of where I am at now. But it still ended up "ok". About half of my net worth is in other than farm assets now.

So what does this have to do with gold? Diversity. I do not have all my eggs in one basket. Gold plays a part in that basket. If a person always did everything right and made no mistakes it would make sense to never diversify. To concentrate entirely on what a person does best or the perfect investment and never do anything else. I have a problem doing that because I have made and continue to make lots of mistakes. It amazes me I have ended up as well as I have. Gold is just a little contrarian anchor in case everything else I have invested in goes south. It likely will be just another mistake. In fact I hope it is. I hope when I die and my kids divide up the estate they think "what was that crazy old man thinking". The best possible outcome would be for gold to not do much. Cause if the price of gold goes crazy it likely will not be good for all the rest of my net worth nor my cost of living.

I buy insurance for the farm and my vehicles in hopes I never need to use the insurance. I look at gold the same way, right or wrong. I don't expect anyone else to think like I do. I have made lots of mistakes in my life and continue to do so I am sure. I hope my gold investment turns out to be one of them. It would be the best possible outcome of the foreseeable possibilities.

I don't think anyone in their right mind puts 100% of their net worth in gold. Gold is no good for making money. It may (or may not) turn out to be good for protecting wealth. For the sake of the nation and every working person, I hope it isn't. Because if the price of gold goes to the moon, it will likely mean other things have not gone well. I hope that doesn't happen.