The S&P 500 has outperformed gold since quantitative easing began. I don't believe there has been a time past four >years where a $100 gold purchase would be worth more today than a $100 S&P 500 purchase.

According to Wikipedia, QE1 started in late November 2008. Between November 28th 2008 and December 11th 2012 these were their respective returns:

Gold: 110% S&P500: 47,39%

Now Index-funds are normally better, but just look at the returns from late 2004 to today:

Gold: 165% S&P500: 45%

Gold has been rising more or less steadily over all those years except for 2005 and 2012 (stagnant) and 2013 (falling). It hasn't tripled, but for the 2004-2012 it was a good buy.