That gold is a safe haven is a complete myth that has no basis in reality. Those that bought the gold "safe haven" myth in the early 80's at $800 lost their shirt, just like in any speculative asset. Gold has no yield either so holding it long term doesn't do much good.
Yes, I do know many rich people do keep a small percentage of their holding in gold.
Rich funds chasing assets would be better off buying a real business/asset. And they are looking because asset prices have falling a lot and look attractive. BHP chases Rio, Xstrata chases Indophil, Westpac chasing SGB, CBA looking at ABN Amro AU, and so on.
If you had a couple of spare millions would you buy gold or a mall from Centro? I'd choose the latter.
Sidenote: Heck, the US is in this unbelievable mess and the AUD has not even hit parity.
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