Gold is still a monetary metal, meaning institutions (including central banks) hold it. It has a monetary premium far above just industrial use cases.
Ludwig von Mises made the point ~100 years ago that silver was on its way to being demonetized, like copper and the other metals. Back when he was writing about this the gold/silver price ratio was 20-1 (1 ounce of gold would buy 1 ounce of silver). Today, that ratio is closer to 75-1 (1 ounce of gold buys 75 ounces of silver).
His logic was very simple: We went from many commodities competing to be money -> to eventually just copper, silver, and gold -> to eventually just silver and gold -> to eventually just gold.
As for bitcoin, we already know it isn't a safe haven asset. Crypto is a risk-on asset class.
We won't have a full blown bull market in crypto until we are back in a risk-on environment. Banks are apparently also starting to hedge investments and are buying gold and silver for storage for fear of unstable upcoming economic conditions. Gold and silver is the only real money. Exactly why governments and central banks hoard it all for themselves and give us worthless pieces of paper with dead criminals printed on the front.
