He omits the only valid reason any non-speculator would own gold - it holds it's value through times of political turmoil - holds it's value over millenia rather than decades or centuries.
A coup d'etat may result in seizure of private companies, rendering your stock worthless, but not touching the value of gold.
It would be speculating to put all your assets into gold, but a small amount is like an insurance policy.
Government expropriation of private industry has been a
key policy of Chávez's regime.
More than 450 companies have been expropriated this year
alone. ExxonMobil, which had its assets seized in 2007, is
still fighting the Venezuelan government for $7 billion in
compensation it believes it is owed.
A coup d'etat may result in seizure of private companies, rendering your stock worthless, but not touching the value of gold.
It would be speculating to put all your assets into gold, but a small amount is like an insurance policy.
relevant: http://www.csmonitor.com/World/Americas/2011/1105/Hugo-Chave...