Ah, yes. The gold bug who knows more than everyone.
Well, gold's doing just fine right now, wouldn't you say? Maybe worth listening to a thing or two I say on weight of evidence.
Nope.
Once you discount the first few years after the USA went off the gold standard (and gold had a nice runup from the artificially depressed price*) - the returns are garbage. You're not going to get that "hey, gold is legal for private ownership again!" price runup.
https://www.longtermtrends.net/stocks-vs-gold-comparison/Change the starting date to 1974 or 1975. The underperformance of gold becomes really obvious.
Now for the real kicker. Scroll down the page to the next chart which adds
total return (black line) - that first chart is just stock price, it neglects dividends. The gaping chasm in performace is so large you don't even have to discount the artificial runup of the early to mid 1970s for gold anymore.
Of course, for reality - you need to put more drag on gold, as storing gold is expensive and/or risky. Either you're paying vault fees, you buy your own vault - or you're trusting that nobody else can find that hole in the ground where you stashed it. Plus you pay income tax on gold sales rather than cap gains, physical gold is never sold retail for spot (presume 3% in fees to buy or sell)
I hadn't done the analysis in awhile, so I guess it was a good exercise. Result:
Yeah, gold still looks like a pretty poor choice.
*Evidence? Because other countries were cashing out paper dollars for gold, which ultimately forced the USA off the gold standard. Gold was obviously worth more than the fixed price.