Since 1850, gold has delivered +0.9% average real return while government bills averaged +1.2% — but this masks catastrophic outcomes in the post-1912 era: bills averaged -0.1% real since 1912 vs gold +1.6%. Germany is the extreme case: bills at -12.9% real since 1850 due to two hyperinflations. The pre-1912 period (gold standard era) showed bills outperforming gold (+3.6% vs -0.3%); the post-1912 period (fiat/debasement era) shows gold outperforming bills. This is a structural regime shift, not noise.