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Gold is a fairly stable investment over the longish term. I wouldn't expect to make much money on it, but I wouldn't expect to lose your shirt, either. So gold is fine for a small part of your assets.
I've also heard, anecdotally, that Jewish families often have a small stash of gold somewhere fairly safe in their homes - this because, when the cleansing of the jews started in Nazi Germany, gold was an easy way to bribe their way out of the country. Not sure if this is true or not, but it sounds plausible.
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