Core Viewpoint - Gold is not considered a true financial asset due to its lack of cash flows, as emphasized by valuation professor Aswath Damodaran and supported by Warren Buffett's long-held skepticism [1][2][3] Gold Valuation - Damodaran classifies gold as a "collectible," with its price driven by market sentiment rather than intrinsic value, contrasting it with financial assets like stocks and bonds that generate cash flows [2][4][6] - The value of gold is determined by demand and supply, similar to rare collectibles, rather than being based on fundamental analysis [4][6] Market Dynamics - The recent surge in gold prices, which reached $4,300 an ounce in 2025, is attributed to factors such as mistrust in central banks and global uncertainty, expanding the niche of gold buyers [5][6] - Gold has seen a significant price increase of 24.31% over the last six months and 57.74% over the last year [7] Gold ETFs Performance - Several gold-linked ETFs have shown strong performance, with year-to-date returns exceeding 54% for multiple funds, indicating investor interest in gold as a potential investment vehicle [8][9]