No it's not. It's a commodity.
Gold is typically bought with currency and sold for currency.
Currency isn't even money - it's a 2nd deed on "money" (which is a claim on the future labor of others - a bond - in our debt-based monetary system).
Expect gold and silver to go down (after the emotional commodity roller coaster is over). We are in a deep deflationary environment, not inflationary.
Real money always has started out as something useful.
Gold is REAL money and serves as a valuable medium of exchange and currancy should be backed 100% with it.
We are not in a deflationary environment, the FED is inflating as fast it can.
We just haven't seen a rise in most prices due to drop in demand, but the effect of inflation, malinvestment of capitial goods is still occuring and will result in a 'bust' soon.
There is certainly more deflationary psychology around than inflationary, so gold should be a lot lower than it is. The reason it is not is that gold is the commodity with the best storage of value and is a great hedge against potential future inflation and a decent track record in deflation (went down with the other commodities but came right back).