Gold is real money and has stood this test for much of human history.
The FRN, meanwhile, has been around since 1913, and the complete fiat FRN since only 1971, and has lost, what, 95% of it’s value in relation to gold?
Gold may indeed be due a correction, it’s been bid up and perhaps overbid in expectation of inflation, but as a safe store of wealth it’s hard to beat, and for safety beats the current stock market hands down.
The reverse correlation angle seems almost more important. Stocks often have bad sell offs when the dollar is weakening. Treasuries are dollar denominated, gold is essentially neutral. Stocks/bonds, treasuries, gold, cash do make a good combination. Again, normal diversification did not work very well at all in this major correction, and I assume the same could have been said in 29, 37, 74, and I know for sure in 2002. In 2002 corp bonds stunk, while munis did well. This time munis stunk right along with corps.