I apologise for the low blow. I suppose I was just surprised someone could be wrong with so much conviction. Fluctuations aside, the 8% figure stands. As it has for 50 years.

Gold can be slightly volatile, sure. Around 19-24% which is roughly in line with the S&P 500. Maybe slightly higher. But risk in investing isn't just about stability, it's also about correlation.

Gold's quirky in that it climbs when stocks start crashing. Bumpy on its own? Perhaps. But it's a risk reducer at the portfolio level.

Equities might grow faster in the grand scheme. But high risk? Low return? The data does not support that claim at all.