Is gold a better investment than stocks?

Stocks are productive assets with higher long-term expected returns, while gold is mainly a hedge.

Over the long run stocks deliver real compounding returns through dividends and earnings growth, while gold mostly just tracks inflation and pays nothing.

Stocks have historically delivered much higher long-term returns and compound growth than gold.

Over the long run, stocks have historically delivered higher returns and real growth, while gold mainly hedges uncertainty without generating income.