
Historically safe investment is nothing burger, gold have had history of massive dump and long time recovery. It doesn't always go up so it's as risky as bitcoin.
If it's so safe that dump couldn't have happened. I acknowledge that gold is a good to fight against inflation, but it doesn't mean it's magical asset that is free from speculation and will climb everyday.
At the end of the day, there is no asset that is foolproof investment. Even gold with its long historical standing that's been here for thousands of years.
An asset or investment considered safe does not mean it is risk free. Because investing inherently involves risk, and there are no exceptions. However, with assets like gold, the risk is generally lower compared to other asset.
Gold carries risks, and that is a fact. But it is no coincidence that the whole world recognizes gold as the only safe haven. It is no coincidence that large sums of money are flowing into gold, rather than stocks or bitcoin.