Gold is not an investment.
Gold is savings.
Although Gold extraction has increased, I think it more likely that the world’s balance sheet, money printing and debt has far outpaced increased gold production.
Gold may not be a great investment, but fiat currency based assets are even worse.
Buying gold at it’s inflation peak was not wise in the late 70s/early 80s, but no one could predict when inflation would end when Jimmy Carter was president. Right now we have relatively little inflation just like in the 1960s.
If we get real economic growth (as in the mid 1980s and beyond), yes, I agree it would be wise to get out of gold. We will have to see some sound economic policy or a really positive and tranformative technological breakthrough that allows real wealth creation.
Savings, or more accurately, wealth preservation.
Buy silver if you want currency to “spend”.