Gold = Fire Insurance for a Financial Portfolio

I really liked the advice of Jim Rickards with regards to gold and its relation to a financial portfolio likened as [fire] insurance. The guy is a talking head in the financial media.

Rickards points out that as gold is insurance you should not worry about its price as much as you would other assets. When you buy insurance you are not concerned when the price of the insurance falls. What is important is that you own it as it will protect from worst case financial and monetary scenarios.

Anyone here are fan of this shiny barbaric metal?
 
Gold has retraced nicely since then. I've been a believer since the late 90s.

I personally believe gold will double from where it is now, in the next 3-5 years.
 
I see gold as a store of value. I guess that could also be insurance.

I do not believe that gold is a "safe haven." Gold goes up and down all the time and the market for gold is kind of screwy. I cringe a little bit when I hear the pundits call it a safe haven.
 
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