An exhaustive investor handbook presenting the first rigorous framework to value gold and understand gold attributes in an asset allocation. It also offers a unique perspective by taking a non-US centric view on gold investing. Contrary to popular beliefs, the US government is prone to default. Indeed, it has already defaulted in the past century (1934, 1971), incurring large losses on the back of non-residents. It is very likely it will continue to do so, and for non-US residents, holding gold is a low-cost insurance to holding US Treasuries.