The present thesis tries to consider the noble metal gold from different angles. The first section is dedicated to the history of gold and its closely related significance as a currency. On the one hand the development of the price of gold is governed by supply and demand, on the other hand, however, the development represents political events and changes as well. Contrary to other commodities the world market demand is independent of the price development. The gold price is subject to a variety of influences. For this reason it has become a popular object of speculation. The present thesis adresses different ways of investing in gold. It takes a look at their pros and cons and at the allocation of gold portfolios. The central part of the thesis is empirical in nature. It concerns asset allocation as an important aspect of investment strategies. Gold is analysed statistically and mathematically on basis of historical rates of return and is assessed on basis of certain risk measurements. One important question is, wheter adding gold can stabilize and improve the performance of portfolios consisting of other types of investments (stocks, bonds, commodities?). By holding types of investments with different correlations investors try to minimize their risk and maximize their return. Risk-return calculations are assessed and illustrated on basis of the theories of two economists, Markowitz and Tobin. The results suggest, that gold works well as a means of optimizing portfolios. This is due to the fact, that its correlations with other types of investments are very weak. Gold is independent of many of the circumstances, that affect the performance of other types of investments and thus reduces the risk of portfolios. It turns out, that gold improves the efficiacy of the risk-return ratio by one third and has a positive effect on the stability of the performance of portfolios.