Why people consider gold to be a 'safe haven' in crises like the coronavirus

NEWS SUMMARY: Precious metal prices rose Monday on safe-haven buying despite a firmer dollar. U.S. stocks fell as investors weighed the latest coronavirus news along with a decline in U.S. crude prices.

CNBC---"Gold is a way of going long on fear,' renowned investor Warren Buffett once said....Investors' fear levels are particularly high right now, as the coronavirus pandemic turned a global health crisis into an economic one. And it's uncertain when the world will recover from either of these crises. It is in such times of uncertainty that gold is touted as a 'safe haven' for those looking for shelter from more traditionally volatile investments, like stocks. 'Compared to an investment in stocks, where even the biggest blue chip companies can (and have) failed, an investment in gold often seems less risky,' said Adam Vettese, market analyst at investment platform eToro. As the world's earliest form of currency, gold's physical properties have meant it has long been considered a reliable store of value. It is widely available enough to trade but is in finite supply, so is rare enough to be considered valuable and unlike some metals it is not corrosive, making it durable....Gold is also considered a good hedge against the risk of inflation because the rising cost of goods and services tends to erode the value of the dollar."