Seeing this thread get resurrected during times of wild market swings is, I suppose, about as surprising as spring showers.
As others have pointed out, looking at assets in isolation as is the deeply-ingrained Bogleheads habit just leads to the usual gold-bashing and dismissal of the PP as too weird/conservative/defensive. That's unfortunate because there's a significant learning opportunity being missed that's much broader than the PP.
This recent post on the excellent Portfolio Charts site about how a slew of portfolios performed during the worst (so far, anyway) recent market tumult puts the PP in context with the Ray Dalio-inspired All Seasons, Larry Swedroe's approach and a bunch of others:
https://portfoliocharts.com/2020/03/23/ ... ful-month/
I think it's really worthwhile to delve into some of the links there, especially Tyler's commentary on how and why some of these allocations (including the PP and its Golden Butterfly iteration) are constructed, with close attention to not just their performance regardless of start date but to their safe and perpetual withdrawal rates and his wonderful "ulcer index" that so vividly show what it's like to actually live with (and have to stick with) a given allocation.
Portfolio Charts incorporates a love of data any Boglehead should love with the best of Harry Browne's insights and takes it to a new level with graphics that really do live up to the old saw about a picture being worth a thousand words.