Is gold a relic or a refuge?

Summary: Central banks are buying gold like never before, reflecting doubts about the long-standing dollar-dominated system. Even for sceptics, this changing landscape suggests gold deserves a modest place as a hedge — not for returns, but for protection. The message: stay diversified, stay disciplined. I've long been a gold sceptic. Following the wisdom of investors like Warren Buffett, I've viewed gold as an archaic relic - a shiny metal that produces nothing, pays no dividends, and merely sits in vaults, accumulating storage costs. "It has no utility," Buffett famously quipped. "Anyone watching from Mars would be scratching their head." This perspective made sense in a world where the US dollar reigned supreme as the global reserve currency. But the financial landscape is shifting beneath our feet, and even the most ardent sceptics may need to reassess. In our recent analysis on whether now is the right time to invest in gold, we explore central bank buying trends and portfolio implications.​ Suggested watch: Investors' Hangout: Is now the right time to invest in gold? ​The gold story has transformed multiple times throughout history. For centuries, gold was money - real, physical currency that people carried and nations used to settle debts. The 1944 Bretton Woods agreement formalised the dollar's link to gold, with other cur