Gold isn't useless, it just get pretty easy to get as the game progresses. I found or (mostly) bought 59 silver charms before moving to the wastelands, as well as a bunch of mage skill books, and still had almost 1.5 million in gold. When I started buying charms it was partly to get rid of loot and partly so I would be able to add a boost to equipment if I started running into problems. Except for 1 gold strength charm (dropped by the dragon rider Zandalor kills), I didn't use any charms, though, as the game tends to get easier as it progresses (after exploring past Stormfist castle and getting the bastard sword that the knight there drops, I had to go up another level and use the strength charm to meet the minimum requirements to use the sword).
I did buy a few pieces of equipment, especially near the start of the game, but for the most part relied on found or dropped loot.
