Gold is a commodity, which is pretty compact, portable and easily storageable and in uncertain times when the virtual words of the promise 'I promise to pay to bearer on demand' cannot be met, makes for a reasonable wealth preservation system against inflation, when the government central bank begins to monetise its debts i.e. when it defaults on its debts. I would not see gold as an investment but in more uncertain times folks will see it as a basis for a monetary system for maintaining wealth rather than the paper or virtual promisery notes. Perhaps the return of the Gold standard might be the eventual outcome of the international currency bust, the end of the China financial bubble and the collapse of the derivatives and hedge fund market along with the failure once more of the banking system, which this time cannot be bailed out for a second time.

http://www.youtube.com/watch?v=U2pOsvEwQi8