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Ehhh..... Gold is already an inflated commodity, and it's just an unrealistic replacement for currency. Since the global implementation of fiat currency gold has lost what little tangible value it ever really had.
Sure the price of gold has historically correlated with the decline in the stock market, but it's also highly unpredictable, over speculated, subject to high and unavoidable tax, and hard to move in quantity without someone taking a large cut. It's value is based solely on public opinion, it's not much different than the diamond industry.
If the US really experiences a depression as great as you are describing, then the whole world is going to be experiencing the same, if not worse. I would say the yuan could potentially stabilize the global economy and function as a reserve currency. However, a large chunk of their economic growth is still largely dependent on US spending.