These are both semi-log scale charts, the top one the Dow Jones and the bottom one that of Gold, the stuff. The period is about 30 years, not by choice but simple because of availability.

At the outset gold is about $825 at the 1980 peak and the Dow is  roughly, very roughly, about the same so 1 on 1. Gold then crashes to $253 in the 2000 low and the Dow rises to 12000 a ratio of , again roughly, 50 to 1 in favor of the Dow. Then gold starts its climb to about $1400 an ounce, the Dow does nothing all this time and stays at , for the sake of simplicity, at 14000, a ratio of 10 to 1 in favor of the Dow. So if one thought that gold was a hedge, a good investment, or whatever, you were either born too soon or too late as it certainly did not happen in this 30 year period.

By the way, the Dow pays a dividend, gold costs. Perhaps not much but at 2.5% your money still doubles over 30 years.