as

[Silverobama]

Hi,

Is the red "as" necessary in this short paragraph?

While gold is typically used as a hedge against inflation—it is considered a fixed asset that tends to retain value as other assets fall—its recent appeal has been as a protection against much worse scenarios, such as the debt problems in Europe, fears of a double-dip recession in the U.S. and possible widespread financial crisis.

Thanks a lot

[J&K Tutoring]

Yes, it is necessary. Without it, the statement reads as if the mere appeal was the protection, not the (value of) the gold.

...its recent appeal has been (that it acts) as a protection...