Depends what you measure it against. To be fair gold does fall in and out of fashion but over time it’s one of the things that isn’t volatile and risky but rather it holds its value against real things. Because it’s a physical asset.
Gold is like a rock in a stream….the water all around is moving but the gold itself stays steady. But sometimes the rock is under water and other times it sticks out.
So if someone measures value in pounds they may think the pound had done well against the dollar…..but the dollar is moving too. Everything is moving so true values are difficult to judge whereas that rock stays steady.
It’s not that gold it the ultimate currency but rather its like any commodity. Ie it’s a real thing which can’t be made, can’t be printed whereas currency can be printed and creates inflation. Inflation isn’t prices rises but rather your pounds/dollars or euros losing value against food etc and that happens when we print more currency.
In 1922 a loaf of bread cost 200 German marks and in 1923 it cost 200 million. Basically the currency and everyone’s wealth had been destroyed if they owned marks….but if you had gold coins or silver then you still had those gold coins and it could still buy the same stuff.
Most wealthy people hold some gold and real assets because they can’t be printed and lose value. But that’s not the same as saying they always do well because they don’t.
However if you don’t have true wealth to protect then other things may be a better option.
Gold isn’t an investment it’s a protection……it only needs to do its job once in a lifetime.