Contrary to popular belief, gold is a risk asset, and as such, cannot serve as a reliable store of value. It also doesn’t offer better protection from inflation than equities. That is true for the long term; however, in shorter periods, the yellow metal can be a profitable trade, specifically at times of declining real interest rates and when the economy is weak. Besides, gold, with its zero-to-negative correlation to equities, can help achieve a broad portfolio diversification, which is important, as each asset class can help mitigate different risks in times of increased economic, political, and market uncertainty.