You really can't count the price of gold when it wasn't legally available. It was $35/oz because it was a fixed mandated price under Bretton Woods. Market forces (from other countries) brought it up quickly to $175. Gold was only doing well when Jimmy Carter let inflation run up to 14% in the late 70s.
---chart of Gold and the S&P 500 going back to 1971. Based on price performance only,...they are virtually even
Again, analysing to 1971 isn't appropriate. Pick any date post 1975, compare it to today, and gold is losing every time. Gold may have short term gains, and may be a okay to have a few grand as "backup" but I wouldn't make it a primary investment. Maybe 2%.
---that the DOW reached a long term peak in 1966 that it did not significantly exceed until 1984.
Obviously no one can predict where the DOW will go, and your stat here is interesting, and it is interesting that those years are bookended by Lyndon Johnson and Carter! However again over the course 20+ years, i wouldn't put a lot of stock in gold.
But Gold was legal for non-US citizens and businesses. They DID see price appreciation of 2000% (20x) from 1971 to 1980. Saying Gold wasn't legal for US citizens and therefore didn't appreciate is like saying guns are illegal in DC, therefore nobody gets shot there.
Again, analysing to 1971 isn't appropriate. Pick any date post 1975, compare it to today, and gold is losing every time.
Gold has appreciated more than the DOW going back the past 1,2,3,4,5,6,7, and 8 years.