Most of those people would probably be people who started paying attention around the time of the financial crisis, saw gold go up significantly for 2 years or so and thought it was the wave of the future. Not realising it was just a flight to safety and once the equities markets stabilised a bit it would fall again. Like with most people who become convinced of something, they can never shake it and admit their wrong even when the facts prove them otherwise so they just keep claiming it's still the wave of the future. Same thing happened with bitcoin, but instead of a flight to safety they were invested in their desire for a quick buck and willing to ignore the fact it's initial use was basically to launder money, something governments couldn't let continue. It either had to be regulated or outlawed, neither of which could end up well.
The stupid thing is that most of them had physical gold anyway, so they couldn't even take advantage of the volatility. One dude I used to argue with quite a bit was into all kind of weird and wonderful Elliott wave theories, Prechter charts, resonance history (seriously whacky) and a whole host of other gibberish. I don't mind people wasting their own money but he was fanatical about trying to get everyone to sell any other investment to put it all into physical gold. I think he even gave up his job to focus more time on `managing his portfolio'.
I suspect he's living in a cardboard box somewhere now.
I'm inherently suspicious of anything that seems too good to be true, and isn't backed by any sound fundamentals. All about the long haul for me.