Buying gold is considered a good idea by many because gold acts as a hedge against market volatility and inflation. Over thousands of years, gold has shown that it can keep its value while many other assets and currencies often depreciate in value or disappear altogether. It is often seen as a good idea to have exposure to gold in any diversified portfolio.
Most investors and professional financial advisers will have some gold in every portfolio. This is because gold is considered such a safe haven that it will always keep its value even if everything else goes to zero. Over time gold has proven to hold value, especially against fiat currencies which are subject to inflation. If the price of gold goes up in pound terms, it is keeping its value while the pound is depreciating. Recently this happened in Turkey where gold reached new highs in Turkish lira, providing a much needed store of value against a rapidly depreciating currency.
Thanks to the marrying of gold with technology it is now possible to buy, store and save gold as money via your smartphone. You can also spend your gold anywhere in the world via a contactless Mastercard.