Gold is money that can't be printed. It may not pay any interest, but an increasing number of government bonds have negative yields. Unlike many I expect this trend to continue as government debts are so high and rising (particularly the US) that continually lower interest rates are required to prevent default. As these debts are inflated away gold should continue to perform well. Gold wins in a world of depreciating fiat money. I hold gold in the AU Portfolio via an ETF (ASX:GOLD) and have indirect exposure through ASX:LYL (a mining engineer that specialises in gold projects) and LON:RFX (a dealer in precious metals).