No, it is not. The price of gold has not kept up with inflation over the long haul.
In about 1890 my grandmother was paid a 20 dollar gold coin for her first month of teaching school. In the late 1950's when my father told me this story, gold was selling for $35 per ounce while teachers were paid approximately the value of ten ounces of gold per month. Today teachers are paid about twice the value of an ounce of gold per month.
The price of gold fluctuates more rapidly than some commodities, giving some a short term profit but it hasn't been a good investment in the long term.
The greatest problem with gold in hard times is that you can't buy a loaf of bread or a few gallons of gas with gold. There are many far better investments that can be bartered in bad times.
What would you expect to use to buy a D-8 or a 977 loader?