Are precious metals an investment or an insurance?

I am a 23 y/o and I am gaining interest in precious metals commodity. Doing my NS now and exploring this market in my free time. Been buying a few 1oz coins the past few months, though premiums are high.

Gold and Silver has been money for thousands of years.

It is a medium of exchange
A unit of account
Durable
Divisible
Portable
Fungible
has intrinsic value

I am still new to silver stacking and it seems very practical to take precious metals as an investment because of it's intrinsic value and them being money of all ages.

However, after collecting a few silver coins, it seems pretty much more of an insurance than an investment. Growth is slow. In fact it is becoming bearish. Perhaps because US dollar is gaining strength. It seems more of an insurance where in the case of a US market, silver coins will be a great substitute to fall back on to protect your wealth.

What do you think?