Gold is respected throughout the world for its value and rich history, which has been interwoven into cultures for thousands of years. Coins containing gold appeared around 800 B.C., and the first pure gold coins were struck during the reign of King Croesus of Lydia about 300 years later.

Throughout the centuries, people have continued to hold gold for various reasons. Societies, and now economies, have placed value on gold, thus perpetuating its worth. It is the metal we fall back on when other forms of currency don't work, which means it always has some value as insurance against tough times. Below are some practical reasons to think about owning some gold today.

Gold as a Hedge

Hedges are investments that offset losses in another asset class. Many investors buy gold to hedge against the decline of a currency, usually the U.S. dollar. As a currency falls, it creates higher prices in imports and inflation. As a result, gold is also a defense against inflation.

Gold as a Safe Haven

A safe haven protects investors against a possible catastrophe. That's why many investors bought gold during the financial crisis.

Gold as a Direct Investment

Many investors wanted to profit from these tremendous increases in the price of gold. They bought it as a direct investment to take advantage of future price increase.

Others continue to buy gold because they see it as a finite valuable substance with many industrial uses. They believe that supply constraints will eventually force up the value of this metal.

Last but not least, gold is held by many governments and wealthy individuals. For the governments, much of it is legacy gold that's been kept in storage for decades. The U.S. Treasury has stored gold at Fort Knox, Kentucky, since 1937.

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