If the federal reserve stops creating money and financing the US treasuries, the US government would have no choice but to remove the spending deficit and very likely default on the treasuries. With treasuries no longer seen as a safe haven, gold will be viewed by more people as a safe-haven and so either way don't you think gold would be pushed up from the US side?
i'm agnostic on UST's. really don't know what will happen with them.
however, everyone knows the bond floors of Japan are littered with the bodies of shorts trying for decades. i could see a similar situation here. miscreanity would argue that theres no way that can happen b/c Japan's bonds were funded by the great savings of its citizens. i would argue that UST's will be funded by the savers of the world b/c our bond mkt is the largest and most liquid of all. the USD should skyrocket as well which would help. if gold tanks the only other choice is UST's or Bitcoin. and we still have the largest most successful and developed economy of the worldwide midgets.