Agree, but for general public which keep on accumulating gold, doesn't give long term returns better than other instruments. They could be better off investing in share market.
For traders or large portfolio holders' I agree some portion should be Gold.
I dont think anyone is disagreeing with you. Its not the best avenue to be investing in, but it depends on which period also.
2 decades back if you bought Gold is very different from last 8-10yrs. Back then FD also was giving,
now back-2-back ads of "MF, sahi hai !!" sahi hai, kidney bech ke 12000 pe pura maal kharid lo, "Sahi hai !!"