It has been a store of value for thousands of years, and was pretty much stuck in that groove for most of those years.
But gold is a-changing, the latest being used as a tool to hedge against emerging market risk. But more of that later.
First, though, look at the change in end uses for gold in the space of a mere 10 years.
In 2001, 3009 tonnes went into jewellery and 357 tonnes into investment (bars and coins, etc.)
Half way through that decade, the balance had already tipped a great deal the other way: in 2006, 2298t went into jewellery and 676t into investment - not quite doubling in five years, but getting pretty close.
And by 2001 they were almost level pegging: 1963t into jewellery and 1641t into investment. In the case of the latte...