As well as collapse I think there's a case to be made for hedging against loss of access to the normal financial system. E.g. maybe one day the CIA will believ

As well as collapse I think there's a case to be made for hedging against loss of access to the normal financial system. E.g. maybe one day the CIA will believe very strongly that you are a terrorist. In that situation a kilo of gold might be extremely useful! Actually this is probably an even stronger case - gold will lose almost as much value as money in the case of economic collapse. Whereas wanted terrorists can probably still get a fairly decent price.