No, it just shows that gold doesn't work as a hedge 100% of the time. Overall it's been a good hedge. It was also erratic in 2008, first moving up then moving down. But it ended with a small gain in 2008. If you had, say 20% gold and 20% bonds along with 60% stocks, you'd have fared far better than a 100% stock portfolio in '08. Gold also had strong rallies during the 15-20% stock corrections in 2011, 2015 and 2018 (both times). Look at the big picture, not just a few days.
