A run of one win in 10 league matches through December and January looked to have put the Hammers in deep trouble as they sat in the relegation zone, with some sections of the Upton Park support calling for a change of boss.
However, four successive victories have left Allardyce's side in 10th, seven points clear of the bottom three, and Gold says that the decision to keep faith has paid dividends.
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"It comes with the territory and there's no question that Sam's vindicated himself and I'm delighted for him."
Gold also had words of enthusiasm for captain Kevin Nolan, who came under fire after two petulant dismissals in games against Liverpool and Fulham led to him a miss a total of seven matches in all competitions.
"He'll be the first to tell you how disappointed he was at getting sent off," the 77-year-old added. "He definitely felt that he let the team down, he let the fans down and, most importantly, of course, he let himself down.
"He found it hard to deal with but he's dealt with it in the best possible way in coming back and scoring five goals in his last four games.
"You couldn't ask for more from him. It has been a true captain's performance on the field and what people don't often get the opportunity to see, but I do, is what a great captain he is off the field, in the dressing room and on the training pitch. He is a special character."