Gold has always been an inflation hedge and safe haven for storing value in the face of uncertain economic times. The term “gold standard” is misleading and inappropriate in this context. In fact, the ever-increasing price of gold would make a return to the “gold standard” of currency, in which every US dollar is backed by an equivalent value of gold, practically impossible, as it would lead to sudden rapid deflation and a contraction of the available money supply, immediately halting the economy in its tracks.

You might as well join the run on Swiss Francs, which hace enjoyed a run up in value along with gold, and have the added benefit of getting you a really nice dinner on Lake Zurich!

Additional reading is here and here.