The inflation rate isn't the only (or even a particularly good) predictor of gold's value. From 1971-1979, gold shot up from $35-$900/ounce, a 30x increase, yet cumulative inflation was only 6-8x. Then over the next 5-10 years its price fell from $900 to ~$300, a 3x decline even though cumulative inflation ran about 150%.
Gold is like any other commodity: its price behaves according to supply and demand. When there's massive economic uncertainty, people demand it, so its price shoots up. A bubble, in other words. Economic uncertainty includes deflation, panic, and social unrest as well as inflation.
So perhaps what he meant is that gold is a good speculative opportunity, not so much a way to escape high inflation.
I prefer not to speculate so if deflation or low inflation are on the horizon I'd rather invest in something that's cheap and pays dividends, and incidentally, is taxed at a lower rate then commodities.
Gold is like any other commodity: its price behaves according to supply and demand. When there's massive economic uncertainty, people demand it, so its price shoots up. A bubble, in other words. Economic uncertainty includes deflation, panic, and social unrest as well as inflation.