I know people out there who have invested a lot in gold under the belief that in the event of like complete societal collapse or hyperinflation, they could use it for purchasing.
I have the hunch it’s a scam, but I haven’t learned enough monetary theory, business, or economics to understand why.
Executive Order 6102
If it can be taken from you with the stroke of a pen, then it isn’t yours. Gold financial products are useful speculative assets but not for calamity insurance.
ETFs may be useless in case of a calamity (in that case I’d stash bullets and canned food, not gold) but they’re useful for hyperinflation scenarios because the financial system keeps working. See Turkey and Argentina