This is unknown, however should the West see heavy deflation, I doubt there will be wholesale gold liquidations simply because very few private parties in the West own much of it as a percentage of total assets. I doubt you do. This is in stark contrast to Asian countries, where private stashes form a monetary backbone for most people. Asians are now buying back much of the gold dumped during those times. The last 3 months of 1998 saw the largest gold demand of any quarter in world history, according to the World Gold Council who compiles such statistics.
Statistics prove that in the long run, gold is a very stable medium to store wealth.
Every single fiat system devised since the 8th Century China has crashed and burned. The US dollar has lost 90 per cent of its value since 1950.