Wouldn't put all of your savings in gold, but if you're a contrarian and believe that a global financial disaster would likely be unforeseen and to late to react to once underway, it's not a terrible idea to buy a commodity that would retain its value in the event of global financial disaster. A friend of mine, and the smartest person I know, works for one of the big Wall St banks and believes that there's a chance, albeit small, that the debacle in Greece could trigger a global meltdown. Never bad to diversify! :)
Gold and other real assets, include real estate and some commodities, are excellent hedges against inflation. Although there is some speculation that interest rates will rise significantly in the future, it is unlikely that will happen in the next year or two. Therefore, while you may want to put a small portion of your savings in real assets such as gold, you should only put all your savings in gold right now if you believe we are on the verge of hyperinflation.