But why Gold? Why would an individual or government want to hold Gold as a safety net for troubled times? You cannot eat Gold, in the same way you cannot eat currency, nor a stack of Treasury Bills. But Gold can help make sure you can eat later. Or in the case of government, can help ensure you can purchase whatever goods and services your populace may need later.
In the economic recesses of my mind, I recall a lecture by a university economics professor about “opportunity cost”. There is a cost to purchasing and owning something that goes beyond the purchase price.