Been mulling over this, but in the end don’t think its true.
Yes Gold has some level of speculating/investing but primarily the price is determined by classical economics.
A very rough example (economics 101)
There is total 20 Tonnes demand in the market for all gold, from jewellery to electronics.
However only 10 Tonnes can be mined p.a
The average cost of mining is $1000 per tonne
5 tonnes of demand will not buy over $1000 per tonne as they cannot make a profit on there jewellery at this price, this leaves 15 tonnes demand.
Of the remaining 15 tonnes demand the average selling price ends up at $1300 per tonne giving the miners $300 per tonne profit. In effect the first 9 tones are willing to pay more than $1300 and it is the marginal purchaser the tenth tonne willing to pay $1300 that sets the price.
This doesn’t happen with bitcoin. Yes there is miners, but there are no purchasers that can use bitcoin as an input for some other good to make their own profit, there is no jeweller or electronics. The purchaser of bitcoin is 100% speculators.