Eye watering length.
The S&P500 is a reasonably durable repository for wealth, as the companies in it create actual value and profits, and are able to work through massive bouts of money printing (inflation). Because they have the ability to grow value through human productivity while being an inflation hedge, they are superior to gold, which literally just sits there.
With the sell off of US Treasury debt instruments we are seeing, and MASSIVE Gold purchases, the world’s money simply doesn’t see it your way….
I take your point...It is, of course, understandable for currency printers to seek and store precious metals in support of public confidence in their titular money. And while I use precious metal investments as an inflation hedge, I've never been able to see it as valuable as land, water wells, firearms, food stores etc...should the collective belief in fiat money fail.