Is Gold considered as investment or insurance?

[specuvestor]

“We emphasise gold’s intrinsic value,” he explained, “and that it is ideal in times of uncertainty because it is accepted everywhere.
We explain that we look at gold not only as a commodity but also as a de facto global currency.”

This is what I call marketing talk: using absolutes to catch headlines

If you bring USD into a department store or even shops, they can check it with machines or under the light. Try doing that with gold nuggets. The expertise of verifying gold I think has been long lost in common folks.

In modern times gold is useful only in extreme dire straits or circumstances like war but the huge bid/ask spread is still there. Last I heard of people using gold as a currency is Vietnam war. Not even Iraq or Afghan war do I hear gold widely used as a currency but more as a "perceived" store of value.