Yes - that’s right to the extent that buying Gold is never an investment, it is simply almost-perfect protection of savings.
So when other investments become safe and lucrative, sell the gold and put your money to work.
Gold goes down as well as up. Gold was around $1,000 30 or so years ago, went down to around $200 10 or so years ago. Which is fine when their is an open market, but if private holdings and sales of gold are outlawed - what do you do then? If the value of gold declines or you need to make another investment or purchase what do you do?