For me, while I own some (accumulated at prices between $50-$400 an oz), (physical) gold is not a valid investment. It requires appropriate secure storage (bank safety deposit box), is not generally covered to a significant level by standard insurance policies, is a pain to sell at its proper value and so on. Does it rise with inflation? It does tend to over time - but so do many other easier to handle investment vehicles. So, why bother? Well, it blooms when there is an implied risk of the currency itself. It is there in case it is needed in dire emergency and "paper gold" (ETF's, gold proxies, miner stock, etc. may not help). BTW, I also keep a few rolls of silver Mercury dimes for "small change" during a potential emergency.

I admit to having accumulated some (physical) gold years ago, but none for at least the past couple of decades. Interestingly, despite my other assets appreciating substantially during that time, gold holdings have remained between 1%-1.5% of net worth.

Can gold appreciate from here? Absolutely - especially if nation-states start buying again. Can it go down in value? Sure - if the global attitude towards the strength of the dollar improves. From an investment standpoint, I have, for a long time, had substantial holdings in a number of major miners which have been satisfactory, but I have chosen (perhaps incorrectly) not to invest in paper gold.

Jeff