Everyone should own some physical gold!
It has been decent investment over the years.
I agree everyone should hold at least some physical gold. Long ago the recommendation was 2% of net worth, not counting any real estate.
However it is decidedly not an investment, by definition. Nor is it a commodity, it actually trades on the currency desk. Buying gold is closer to speculation, or trading in a (now) foreign currency. Now it is true one can make a lot of money speculating in foreign currency, but one can also lose their shirt.
The key thing about gold, is that it is an asset that doesn’t depend on someone else to perform. It has a value that is independent of the one issuing it. Having said that, the price is manipulated, through various schemes and has been for decades. It should have been trading well north of $5000 long ago. Maybe it’s a good thing it isn’t, but I don’t know.
Frankly I can’t purchase enough to make a difference and I continue to believe more gold has been sold than exists. Add to this the tales of counterfeit gold and I’m more reluctant to purchase even a few ounces. Wife used to work for a jeweler who purchased gold. It was not uncommon for people to bring in foreign coins under the belief they were gold. In almost every case testing revealed they were not gold.