gold, page-452

This type of debate is very misleading and it is better to compare without some assumptions.

Here is a better scenario of comparison;

Holding per asset class say 10 years without selling so a buy and hold approach
Use a random year

Now we can compare apples with apples. Assuming both gold and shares (ie CBA) moves in tandem in that period, which do you think will give a better return? I have to guess shares because of the dividends or loyalty payments. Physical gold on the other hand incurs holding cost of vault rental and insurance costs.

However if we swing trade on a much smaller TF, then it does not matter so it is the context of the holding period.