It's always interesting that those that advocate for gold always pick arbitrary dates for comparison. The only valid comparison with gold's value is common commodity purchasing value and does so against a VERY long time period. Picking some arbitrary time period allows you to emphasize one of the periods where market fundamentals have allowed gold to appreciate while at the same time selecting different periods in time will demonstrate anywhere from small appreciation in value to negative appreciation.
Gold has and is traditionally the worst investment you could ever make for long term investing. And just like times past when quantitative easing has stopped and the US economy has recovered gold prices will crater, just like they have every other time people have sheltered in gold.
Other than the relatively small industrial uses of gold it's primary value is as Jewelry. This is actually a very small market as testament to the fact that 95% of the worlds gold supply is sitting in government owned vaults in brick form gathering dust. A single country with several tons of bullion could crash the price of gold in almost no time. And in fact all it takes is a government in need of hard currency to start dumping bullion on the market and crash the price because there is almost no elasticity in the market demand. This is what happened in the early 80's as the Soviet economy was collapsing and they started dumping their gold stocks to purchase hard currency. This could easily happen again to a nation like Venezuela that is suffering from hard currency shortages.
X tons of gold are needed every year to satisfy the demand for gold from the worlds expanding population. All of this expanding demand is satisfied by mining because as I noted most of the worlds gold sits in government vaults. The higher the price of gold the more mining. For the last 10 years because of the investors sheltering money in gold it's value has been 5-10x times higher than the supply/demand curve balance because investors are hoarding bullion. As a result the amount of extracted gold has gone up an equal amount relative to the price. When the investors decide that gold isn't providing the returns, (which is going to be very soon, probably within 2 years as it's already started the bouncing collapse). All that excess mined gold is going to flood the market, a market who's only demand is jewelery. By the time the price crash comes the amount of extra extracted bullion (sitting in investor vaults) available to satisfy the luxury demand is going to be probably a decades worth of demand. And just like the housing market collapse when you flood the market with 10 years of demand prices will crater and crater hard. With that much excess bullion in the pipeline I'd imagine prices will drop so bad that almost all mining will halt until the excess gold is consumed by the luxury market. The low price will accelerate purchases but ultimately there is only so much luxury demand for gold. In the end we'll probably see gold prices below $200 an ounce before the end of the decade and sustained until excess production is consumed.
The only people that make long term money on gold are the people that sell it to others, often with the promise that it has some intrinsic value (it doesn't). Just like the 80's when the economy recovered from the Regan recession, gold's price will crash, all the little investors (less than several million invested) will lose their shirts and the middle men will walk away with billions of dollars. This has happened so many times in history it's amazing anyone is dumb enough to consider investments in gold anything other than straight up gambling with only slightly lower risks than betting on the roulette wheel in Vegas. Yea if you get lucky on the timing you can make a bundle, but if you get it wrong you'll lose everything. Gold is already bubble that's already started to pop.