That would probably be more sensible if we were experiencing an ordinary situation. We're not. We just elected a communist President who believes that the answer to a credit crisis is to borrow more money.
I can't say whether gold will go higher or not, but if you think that the dollar's about to take a plunge and inflation's going to happen, then gold is bound to go considerably higher than it is now. On the other hand, if you don't think that inflation is likely to happen (and some are predicting deflation so this isn't cut and dried), then gold or another precious metal is a good investment even at today's prices.
The golden rule still applies;
"Never gamble with more than you can afford to lose". The nice thing about gold is that would won't lose everything.