<prompt> Human: Hey everyone, I usually put all my savings into a bank account like most people. I just wanted to get a few opinions on the notion of buying gold with my savings. Specifically, why would people want to buy gold instead of a savings account and what would be some reasons not to do so? Any advice is appreciated! Assistant: Like physical gold or a goldmetals funds?Gold typically works like a hedge but only in already well diversified portfolios. If this is for long-term investing Id look elsewhere like an SP 500 index fund or ETF. What are your goals with this? You just want to hold gold vs. cash in a savings account?Human: I often read about the next imminent recession and a lot of what I read about the need for gold backed currencies, it will also result in gold prices to soar. Is this the case or is that a bit too much of a gamble to really consider if so?  <response>: The best hedge or protection against the next imminent recession is not gold, silver or potatoes but time. On the long term, the stock market increases an average of 7 per year inflation adjusted. While gold performs better than stocks specifically during recessions, it performs worse on the long term.The older you are closer to retirement the less protection time will offer, so if you are in your fifties or sixties there could be some value in having gold in your portfolio, but keep it limited to 5-10 or so. 