In 1980, 20 oz of gold would buy you a $16,000 car. In 1999, a $5,500 car and today a $22,000 car. You don't think there is a big difference between those 3 cars?
Had the Dollar been pegged to the value of Gold any rise in the world markets would boost the value of the Dollar, not decreased it.
Do you think a dollar worth 4 times what it was in 1999 would be a good thing?
In 1980, 20 oz of gold would buy you a $16,000 car.
Maybe you should look at annual averages to get a better grasp of economic reality.
(Funny how those with “Gold Derangement Syndrome” are like the global waring nuts. First, it was “warming”, the equivalent of (”you’ll lose money on gold!”) Then,when the contrary occurs, they retreat to “Climate Change!” or “price volatility!”
There are lots of investments that others have liked but I have thought were stupid over the years. As a mentally healthy person, I haven’t invested any energy crusading against them. I let the market do the work.