You will certainly be correct if the fall isn't far. There will be a percentage that accepts gold. If we fall and only fall that far they may find themselves ahead. That's a narrow band I wouldn't gamble on.
If we can fall to that level we can certainly fall further. I wouldn't have any interest in holding that bag. I'd always opt for value that has utility... Utility I can leverage.
Gold will never buy food or barter from me because I never want to hold it.