Does your investment portfolio include Gold ETF or the actual Gold bar?

Yes for Gold ETF as commodities should do well during recession. Not for actual Gold bar as we do need to spend some amount to ensure the gold bar is kept and preserve in well condition and I don't think my investment amount warrant for such spending.

I think there's a misconception about holding physical gold bars for investment. Even though, perspective wise, it is unwise to hold physical gold for investment because of the premium and spread, it is a form of security and wealth preservation that cannot be taken away from you in times of peril where all paper assets just loses all of its value. This is the time when physical gold shines. Yes, precious metal ETFs track the value and performance of their physical counterparts. However, if we think of the unthinkable (a mega black swan event) that wipes out the current economic system we live in today where paper assets mean nothing, these ETFs won't hold any value as the system that recognises its value just, doesn't exist anymore.

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So for me, I hold physical precious metals and build it up over time to lock in my wealth and preserve it. It is hard to mine out precious metals to increase its supply and therefore it is difficult to devalue it, therefore it retains its value well over time.

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However, if you are looking to trade gold because of your investment thesis or technical analysis, then gold ETFs are definitely of a better "value" as a trading vehicle.