What role does gold play in a buy-and-hold investor's portfolio? Earlier in June, I discussed that issue with Eddy Elfenbein, who writes about investing at Crossing Wall Street and was named by CNNMoney as "the best buy-and-hold blogger" on the Web.

Watch our conversation here (run time: 5:06), or read the transcript below:

Brian Richards is managing editor of Fool.com. He has no position in gold. The Motley Fool has a disclosure policy.