These factors will support gold's case as an investment asset.

For good or ill over recent years, art has become another investment asset class and the breadth, depth and 'trading volume' of its market have all increased dramatically.

In selling leasehold, developers are creating an investment asset class — the freehold — at the expense of their customers.

Similarly, the coalition government should continue to make buy-to-let properties subject to at least standard rates of capital gains tax in the same way as any other investment asset.

It measures the risk-adjusted return of an investment asset, portfolio or strategy.