The Short Version
Gold has risen in roughly six of eight U.S. recessions since 1970, often outperforming equities. However, calling it "consistently" safe overstates the evidence. Gold fell during the 1980 and 1981–82 recessions, dropped sharply in liquidity crises (2008, March 2020), and research from the University of Stirling shows its correlation with equities has increased since 2005, weakening its safe-haven reliability. Gold is better described as a conditional hedge — often helpful in downturns, but not dependably so.