What is depreciation risk and acceptance risk? The depreciation risk is low volatility or fixed income, including gold and US Treasury bonds, with the former being low volatility and the latter being fixed income. The acceptance risk is that, for example, if you had Zimbabwean currency worth $10000 in 2020, it cannot be exchanged when you arrive in the United States now. Satisfying the former is a safe haven asset, satisfying the latter is also a safe haven asset, and insurance represents more than just depreciation.