How much is an ounce of gold worth?

At present, it's roughly $US4,100 an ounce.

But that value will change.

"It is worth what someone thinks they'll be able to sell it for at some point in the future," independent economist Saul Eslake said.

Analysts now believe the market's perception of gold, or the group of people buying and selling it, is fundamentally changing.

It's possible, they say, that instead of using it as a hedge, or protection, against rising inflation or as an alternative to the US dollar, buyers are hedging against stocks or shares.

This potentially replaces bonds as a means of diversifying or spreading the risk of an investment portfolio away from shares.

If true, it has profound implications for both the future price of gold and Australia's $4 trillion pool of supe

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