Paradox: We all see the real evidence that all currencies including the strongest currencies lose value against gold over the decades, but very small percentage of the population hold gold.

I guess SP500 beats gold in the last 100 years, but gold has a much longer trec against currencies.

— reason: trough i.e. buying at the peak
Trough can be 20Y. Investors need holding power.

— reason: negative yield. carry cost — paying rent to wait for appreciation.
Many other investments generate current income.

— reason: gold ≠ a growth asset, less spectacular than stocks and properties.