New Search isn't easy. Took me a while to find what I posted for GDX in mid-May - it remains valid, so I am just reproducing it. https://community.morningstar.com/t5/forums/forumtopicprintpage/board-id/retirement/message-id/1654/...
Gold is a for trading. Use gold-mining fund such as GDX. It had a huge collapse in March. After such collapses in past few years, GDX run has been about 3x from the low. It has moved to 2x already but still has room to go up. Conditions created by humongous monetary stimulus favor such a move. I will start selling GDX in 50s. https://stockcharts.com/h-sc/ui?s=GDX&p=D&st=2015-01-01&id=p82959897875
If something trades, I don't mind using it. I will let philosophizing to others.
Gold miners do not seem to always follow Gold.
On many days, I am seeing GLD correlated to the Equity markets. This was pronounced into March 19.
What role do you assign to GLD in a portfolio?
ST correlations can vary a lot from LT correlations.
I only use gold-mining GDX. It has high correlation with gold and meaningful correlation with SP500. It can be much more volatile than bullion GLD or SP500 SPY.
As mentioned in my previous post, gold move isn't done yet and has ways to go still.