@W at Off-Road Finance

Do you mean by "hoarding", purchases and gold stocked by the IMF, World Bank, and all central banks that I know of?

As a holder of physical gold for some years now, I would say that gold has no need to pay a return. The return is gold buys the same now as it did 100 years ago - probably 1000 years ago, and maybe even 7000 years ago. The US$ on the other hand is worth a couple of cents now compared to 100 years ago, and it did not exist 1000 years ago. You see, gold has been an investment of the rich and powerful since records began. That's hardly speculative, is it? They included Pharaohs, Kings, Emperors, Dictators, etc. Is that what you meant by "older investors"?

Exactly which road are you off? Perhaps you should get a map, or in your case, perhaps a Sat-Nav.