I research gold ETF and could not find any gold ETF that was earlier than Nov, 2004.
So I would just start the strategy from Nov,2004.
Since 2000 bear market was a rare event and is not likely to happen again in the future, while 2008 bear market was more like a typical bear market.
So GLD starts in Nov,2004 at 45, while TQQQ at about 400.
In early 2008, TQQQ drop to 40( the lowest was about 16) while GOLD was 90.
If I move GLD profit into TQQQ, today I would make 159 times profit.
If I move all GLD into TQQQ, I would make 318 times profit.
If 2008 bear market did not happen and TQQQ never drop below 40, I would make 20 times profit.
If I did not hold any gold, but all TQQQ, I would make 31 times profit.
For the same period, QQQ made 10 times profit.
All these scenario beat simply holding QQQ.
The conclusion show that barring a big bear market like 2000 bear market, holding TQQQ or TQQQ + GOLD handly outpreform holding QQQ.