[jkhdigital]

This is the best chart I've encountered for such comparisons: https://www.longtermtrends.net/stocks-vs-gold-comparison/

There are extended periods when gold absolutely crushes everything, and periods when it is totally flat (or worse). In the long run, yes, it is a poor investment because it is an inert metal. But for certain periods of time it is absolutely a great alternative to bonds and equities.

[Retric]

Look at the bottom chart, gold got crushed in that time period when you include dividends. The top chart is effectively meaningless by excluding them as you can’t invest in the S&P 500 without gaining dividends.

As to gold having positive returns in some window, sure but if you can time the market you can make money investing in anything. It’s doing the timing that’s difficult not looking for windows in historic data.