Yes. Don't buy gold as an investment. Gold has never been a good investment compared to other forms of investing. If you like the idea of owning gold, like looking at it for it's natural beauty, like touching and fondling it for it's rich feel, and can afford to buy it -- then buy it. But don't buy it as an investment or "protection" against inflation/economic collapse.

it has dropped 40% from it's peak while all other investments have increased in that time

Gold looks bearish. You should wait.