Why gold has lost some of its investment allure

INFLATION IS SURGING, central-bank money-printing has run amok and political tensions between the world’s powers are intensifying. These ingredients sound like a waking fantasy for ardent believers in the long-term promise of gold. Even mainstream investors might have been tempted to increase their holdings of the precious metal. Why then was it unable to eke out even a marginal gain in 2021, recording its worst annual performance in six years?For conventional investors, valuing gold poses a problem. The precious metal does not generate a stream of income. Since demand for it tends to be speculative, the cash-flow models used to work out whether assets are cheap or expensive cannot be applied.