Gold is concidered better for a few reason, most of which have been said here, but there's a few interesting ones that (as far as I've read 'cos this is a long thread) have been missed.
When the stock markets fall, gold goes up. So when fiat wobbles it's reliable and will gain value. Rich people have gold as insurance for if their stocks crash.
But the really interesting one is that you don't pay tax on gold! (In the UK anyway). It's the best tax fiddle, esspecially as usually only the rich can use this to avoid paying taxes. Want to leave your family a big pile of money but get out of paying inheritance tax? Give them gold. Want to get out of paying tax for something you've sold? Sell it for gold.
Who's heard of the "Golden Rule"? What it really means is, he who has the gold makes the rules!