I do agree it is a doubtful store of value, because people may come to their senses and then the price of gold will drop to where ever its utilitarian value sets it, and we may find there is actually quite a lot of the stuf around with relatively few uses.
It is also not all that good a thing to hold in SHTF scenarios. The common thing you hear from gold bugs is that an ounce of gold has always paid for a good suit. In what we call the hongerwinter in The Netherlands, the winter of 1944-1945, when people were starving in the big cities here, an ounce of gold bought you 2 loaves of bread and a sack of potatoes, if you were lucky. The preferred media of exchange were actually cigarettes, coffee and sex.
Still, gold has value for as long as people want to have it, in whatever form, be it bullion, jewellery, or heat shield. Reasoning about the real value does not necessarily predict human behaviour when it comes to gold. As long as people feel the greed for gold, it will have value.
It's shiny, you know.