Skeptics will say they have been wrong for all those years. Fair enough. Timing is a bitch. Just because something has not happened does not mean it will not.
Most of the time gold is just a protector of wealth. It is not an asset that has earnings. In that respect it is not an investment (it is instead money, which also does not earn anything unless loaned out). An investment denotes expected earnings.
Part of the time gold is a good speculative asset. That might be now but because I am not a speculator I do not look at it in that way.
Are we getting into a time the need for protection of wealth? Maybe, time will tell. A speculative asset? Looks like it.
I'm not buying but I have had all I wanted for quite a few years now. I will never sell it in my lifetime unless something drastic happens, like my business and all my retirement assets go to H and I need the money. It is a long term asset for me. So I don't and have not paid much attention to the price. It is there for an emergency.
I actually have multiple times exposure to silver. Also have owned it for quite a few years and am not buying any more except once a year through my Roth account. I prefer it as an asset with potential appreciation.