Student or Learner
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
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...