But according to Bloomberg Opinion columnist Allison Schrager, "there is nothing safe in gold as an asset."

In a Bloomberg article this week, Schrager wrote that "the stunning spike in gold prices reminds us of what primitive creatures we humans are—especially the species among us known as active traders."

Despite its attractiveness, Schrager believes that "there is no rational reason why gold should be inherently valuable."

She noted that while the dollar can buy something and the stock market offers ownership of profitable companies, gold offers little other than being "shiny and rare."

Schrager argues that the attractiveness of gold to investors reflects "the most primitive parts of our brains," and urges them to "resist this impulse."

Like other commodities, gold prices are volatile, and a Bloomberg columnist believes that the yellow metal only adds risk to the portfolio.

Although gold has "performed well over the last six decades, even compared to the S&P 500," Schrager stressed that "nothing about it is risk-free."

The price is "extremely volatile," and "investors were getting good returns because they were taking on that risk."

She also warned that gold "doesn't even provide a permanent hedge," recalling that "during some of the worst moments of the 2008 financial crisis, the price of gold dropped by 6%.

" "It's okay to invest in gold if you like to speculate,— Schrager concluded. "But when the argument sounds like ’It's a low-risk asset that also outperforms the market," I remain skeptical. Both statements cannot be true at the same time."