[xya3453]

Buying gold to hold and then sell at a higher exchange rate is pure speculation.

[fortythirteen]

But is it not an investment?

[vasilipupkin]

I don't think so, as gold has no inherent expected return.

[fortythirteen]

The combination of its increasing scarcity and real world use doesn't drive a return?

[vasilipupkin]

no. real world use explains why it has value not why this value should increase in expectation relative to general level of inflation.