Not really.  Mostly it means highly liquid investments, such as money markets.  That said, the 'cash' position of any particular corporation; or even all of them taken together, is only part of the equation.  You have to consider their debts as well.  Although most large corporations are net positive, they aren't by much.  They tend to own each others' debts via money markets, which are basicly mutual funds for corporate bonds.  This is very similar to how the banks all seem to owe each other money.  The idea that there is corporate cash sitting on the sidelines, or even private investor cash, waiting for the right moment to jump into the market is a sad myth.  That money doesn't, for the most part, actually exist.  And what doesn't exist can't be traded for gold.

As stated above, mostly because it doesn't really exist.  And for that which does exist, much of it is invested in bullion, either directly or indirectly via the 'paper' metal funds. 

With value levels at the top of the corporate food chain, it would be unprofessional for the CFO to invest all of the net 'cash' of the company in any single commodity, no matter how wise that particular investment might be.