This is part one of a series that I am writing about what I’ve learned about gold and how to trade it. Gold can be a confusing asset to trade, as it has subjective intrinsic value and no cash flow. At least stocks and bonds have projected cash flows that can be translated into a final price that investors are willing to pay for, but gold has nothing to anchor its price to any particular level. Is gold a commodity or a currency? Is it a risk-on or risk-off asset? The answers are not clear cut. Because gold confounds so many investors and traders, I’ve found it to be a fun and profitable asset to trade.