Nonmonetary gold is used for two purposes: for industrial use (as an input into the production of goods and services, such as jewelry, watches, and electronic equipment) and for investment (as a store of wealth and a hedge against inflation). BEA’s national economic accounts (NEAs) do not treat transactions in valuables, such as nonmonetary gold, as investments and therefore purchases of nonmonetary gold as a form of investment are not included in personal consumption expenditures, gross pr...
