Gold may be volatile, but I would expect it to at least keep up with inflation over the long run. So it’s a little different than horse racing.
Contrast with this type of stock trading
Those who engage in day trading based upon a 2-3 day seminar on the subject are probably just gambling, since the brokerage fees should exceed one’s expected returns, absent a systematic (and back-tested) strategy. If done rigorously though, it can arguably rise to the level of speculation, speculative investment or risk arbitrage. Professional trading desks engage in the latter.