Fundamentally, all insurance is speculation; the purchaser is gambling that their cost for maintaining insurance will be less than what it will pay out (plus any value from peace of mind), while the seller is gambling that their income from the sale will tend to exceed their cost from payout.

So if buying gold (or any other investment not tied to a given currency) buys you something of intangible value (peace of mind), go for it. But don't assume it's not a gamble.