Gold in large quantities is still a bet. You’re betting that society and the economy will collapse or suffer huge trauma, which will wipe out a lot of wealth. But you’re also betting that the economy will come back alive soon enough because without it all you have is a heavy pile of metal. Gold is also not an easily transferable asset. In societal and economical collapse, gold is not as useful as stuff you need to stay alive. It also ties up a big amount of wealth in one item that may be difficult to separate into smaller currency to use on a black market. And if people know you have gold, even if everything is fine in your neck of the woods, you’re a target for theft. Gold is a good idea if you don’t know what to do with some of your second million in assets. But it would be inadvisable to put all your savings into it. Diversification is the answer.