Exactly. Gold does not earn wealth. It's value is to protect wealth already created. The vast majority of the population has no use for gold other than maybe on the contacts of the pins of electronic cables or some other electronic use where gold excells. If living paycheck to paycheck there would be little use to hold gold. If a person is growing a business and borrowing money to do it, holding gold would only hold back potential cash flows. The people that have a use for gold have already made their wealth and want to protect it by not seeing it inflated away in fiat currencies, stock market crashes, etc.

It can also be a speculative bet. Buy low sell high trading type vehicle. But I consider that speculating and not investing. But others may see it differently. There a person is betting with the greater fool theory.