Is an oil etf just as good?
Gold is considered by many to be a currency-equivalent and a storehouse of value. Oil is neither. Oil is a commodity with a utility that varies with, among other things, economic activity. It is not better of worse than gold, just different: more like copper. The closest commodity to gold in the sense of being a currency-equivalent or storehouse of value, would be silver.
Finally, ETFs are a bad way to own anything, including gold: fees, commissions, bid-ask spreads, no security of title, etc. Depending upon the type of ETF, there are upwards of seven reasons to avoid an ETF. Buy the "underlying" asset or, if you desire leverage, use futures contracts and roll them as they come due.