The Fed creates debt-based currency. Its actions are inflationary in the longer term (though we are in a deflationary dollar cycle now due to many macro economic factors and the dollar’s reserve currency status). Some uninformed gold buyers might get excited, or as you say hopeful, at the prospect of much higher dollar prices for gold, but well informed buyers simply see it as money. Money, as opposed to debt-based currency allows one to remove one’s wealth from the risks associated with debt. Trading in the Fed’s “casino’s chips” for something that has always been recognized as a store of value without counter-party risk. And I know, I know, one can’t eat gold, but one can’t eat spoiled food as well; so it is better to have no food and gold than no food and no gold. Those with surplus food will always be happy to trade food before it spoils for gold which won’t spoil and therefore acts as a store of value.