New Delhi, Oct. 18 -- Gold has crossed the Rs.1,25,000 mark per 10 grams - and it's still shining bright. But if you're a regular Mint Money reader, chances are you've resisted the hysteria to jump into the rally.

Still, with Dhanteras here - a festival celebrated by buying gold, silver, utensils, or even electronics - the temptation is hard to ignore.

Buying gold at such lofty levels may not be wise if you're treating it as an investment.

Dhirendra Kumar of Value Research argues in his column that gold produces nothing, earns nothing, and simply sits there looking pretty - echoing Warren Buffett's long-standing view.

Real investments, he says, are those that create value - businesses, equities, productive assets - not those that mere...