It’s a commodity that’s widely used as a way to keep the value of a portfolio in case of inflation. Gold has a lot of utility but recently because of uncertainty about the US dollar central banks have been stocking up on gold.

Complete societal collapse is very unlikely and we have studied economics enough to the point where hyperinflation is avoidable.

For investors keeping some gold (10-20% of portfolio) can be very nice since it allows you to buy the dip and is inflation proof. On the other hand, gold can become a speculative asset so it’s value can be inflated just like any other commodity. So in a way currently it’s either a nice tool or a bubble (or scam as you call it).

Silver, used in solar panels, is also pretty good for same reasons.