It is always interesting to compare gold vs the broader US market as an investment on 5, 10, and 20 year periods to see how it fares. The main driver of a run on gold tends to be economic uncertainty (70s runaway inflation, 2008 great recession, 2020 covid pandemic, 2025 global tariffs). Currency inflation plays a role but is maybe only 10% of the driver in gold prices. Periods of high inflation and economic uncertainty tend to cause both gold and the US markets to rise at different rates. These charts break it down pretty well so we can invest with eyes wide open:
https://www.smarterwealth.co/learn/gold-vs-sp500