People are saving, not spending or “consuming.” There is a tightening of credit occurring as consumers and businesses aren’t borrowing as they try to stay afloat. Add to this dynamic the fact that banks aren’t lending and we have the perfect credit contraction deflation storm.
Gold, during the time of a hyperinflation scenario, unlike paper money, would be “perceived” as having value as it has for centuries. The U.S. dollar however, wouldn’t have any perceived value under this scenario. So a better question to answer would be, what would you use as a medium of exchange sans gold since no one will want U.S. dollars?