Unfortunately gold's real world utility has been decreasing in the industrial world, which is where it derrives a great majority of its value. It's value now really only hingest on jewelry and its 'traditional' use. India is probably one of its biggest markets. I don't really foresee any great sustained bullish sentiment for the foreseeable future, unless the feds announce something catastrophic (qe3 did not do much if anything to help the prices).
It is always a good idea to have gold on hand. Go to any modern country on the planet and you can barter with gold. Institutions might not accept gold but individuals will always accept it.
I have a bit of gold and silver, but not that much. Yes, I do agree it's great for a rainy day...but I'm not quite as bullish long term as many others may be. Might be another few decades before we ever see them hit those record prices again, if ever.