Depends on your definition of 'expensive'. I wouldn't buy gold hoping it outperforms Palantir, Bitcoin, or even QQQ long-term.

I'd buy gold because it is the second best asset outside the system.

If the regime cracks, gold & bitcoin get repriced much higher.

Can gold drop 10-15%, maybe even 20%? Sure. Will gold be higher 2 years from now? My best guess is yes.