If you have a company that is ideologically against paying dividends or doing stock buybacks and instead buys gold with its profits, its value would still go up

If you have a company that is ideologically against paying dividends or doing stock buybacks and instead buys gold with its profits, its value would still go up as if it did stock buybacks because share owners also own a fraction of the gold. Now imagine a real business like Amazon reinvesting, the investments raise the value of the company's assets.