99% of Gold's value is based on "faith". Does he think it's currently valued at around $1600 per ounce because people can look pretty or conduct electricity with it?
Actually 100%. Gold is like Bitcoin in that it has no value in itself and is not backed by anything. 5,000+ years of history do not guarantee future usage or value (actually the number of people getting married and buying jewellery is getting lower) . It's purely based on supply and demand.
Of course almost everything is better to have than government money, but I'd never tell anyone to put 100% of his/her wealth in one thing.