Remember, when you buy gold, you are betting on long term inflation. If it turns out to be deflation, you lose.
This is a common misconception.
You have to get over thinking about gold in terms of dollars. An ounce of gold is just an ounce of gold. It is a store of wealth and not an investment. There is no significant appreciation or depreciation over the long haul. Although there can be significant gains or losses in the short term.
As I was telling my brother in law just the other day, an ounce of gold will buy a good mens suit. It's a pretty good approximation. Inflation, or deflation an ounce will still buy a good mens suit.