A change in stock to flow is not "priced in". And gold is also a speculation, it still works/worked. Social value networks are quite sticky and tend to get stronger over time.
Second comment here: Long cyclical runs can be timed. For instance golds decade long rip prior to the decline was due to etf introductions.
And no I dont think you do “got it”. You dont hold anything in existence forever. If youre not comfortable making shifts every few years (or whatever) and having to actually do some thinking from time to time then investing isnt for you.
So you only hold it when you’re trying to time the market? Got it.