According to the Motley Fool, yeah ...
The money quote. In this case, literally:
"... Whatever you think about gold, there can be no doubt that gold has dramatically re-asserted its immutable role within the global financial realm over the past decade. Former Fed chairman Alan Greenspan conceded in 2009 that "gold still holds reign over the financial system as the ultimate source of payment." The world experimented with moving away from gold beginning in 1971 with the "Nixon Shock," but extremely poor stewardship of the key paper currencies has ushered gold back as the sole currency immune to the ravages of obscene debt and competitive devaluation. On that point, the case is quite simply closed.
The question remains, however, whether Western central banks may be intervening in the gold market to mitigate or delay the appreciation of gold against their troubled paper currencies..."
Link to full article: