I may not now what you're going through
But time is the space
Between me and you
Straightforward explanation of why wealthy people own gold. The key point here is that the primary reason to own physical gold (in physical form) is not to speculate in near term price moves.
Instead, wealthy people own gold to preserve their wealth against problems like inflation, bank collapses, and aggression.
Viewed thru this lens, owning gold is less of a 'buy-and-hold' investment strategy and more of a buy-and-will-to-the-next-generation family wealth preservation strategy.