Well actually gold is overvalued due to manipulation and jewelry. If people did not like gold jewelry it would start going down. I guess one of the real usages are in electronics.
I'd actually buy more Bitcoin that gold if I was investing. I'd buy both, but Bitcoin has potential to rise much higher than gold does.
Bitcoins are high risk and high reward investment but if any one do not want to take more risks then can choose gold because gold price moves quite slow surely over the time it will give profits but less. Bitcoins are still growing so got more chances of growing faster compared to gold