Gold is VERY Speculative.
No one knows which way gold could go atm. I would not even hazard a guess.
Buying sound companies at fair prices is the best option. The world will need Coca Cola and Johnson & Johnson et al regardless.
The US has the most gold and if everything turns messy, the USD will be King.
Since this post was started Many Stocks have gone up because interest rates are so low stocks have been attractive.
In the last 12 months some examples:
ANZ - Up 27%
CBA - Up 21%
CSL - UP 50%
TLS - UP 20%
WBC - UP 27%
These are solid companies with good dividends and proud histories. When the fear is gone, so are some good gains.
I guess it depends how close you are to retirement and your tolerance for Risk vs Rewards.