The loony will fall relative to other major currencies and at the same time most state printed money will be devaluing due to hyperinflation. Hyperinflation will destroy the perception that the Canada's paper money has value. What good will your big house do you now if you can't pay your power bill. People the world over will be struggling for survival. Those who have saved a good chunk of gold will have real value to exchange for those values they need to survive.
Gold is a real store of value and has never failed a man who has held onto it yet.
Gold went on the open market and soon rose to its real value relative to the price of goods. All the Lemmings who lost their shirts because they bought gold high and sold low declared that gold is absolutely useless. At its current prices as seen above gold is again undervalued. Nobody wants it. If you factor in inflation you'll find that gold is increadibly cheap.