Aside from the bubble, housing prices have pretty much tracked the over rate of price inflation. Gold does not always follow inflation. When Nixon closed the Gold Widow in 1972 officially ending any gold backing of the US dollar, the price of gold rose for the next eight years- its nominal price peaking in 1980 (in a bubble). After that, it moved generally down until about 2001 (20 years) and it has been basically rising since then. I say generally because it did move up and down in between but the overall trend was up, down, and then up again.