If you look at the graph in the link, prices from 1955 to 1968 were flat for 15yrs, there was a spike then a recession in 1970s then gold fell. Then a spike followed by a 40% decline, in 1975.
Gold rises $100 from 1977 to $700 in 1980 and crashes $300 in 1982 in the recession.
At 1983 it his a peak to of $500 then crashes to $370 in 1989 or 25%. It continues to fall in the 90s recession from $370 to $270 losing another 27% of its value all the way to 2002.
Therefore from 1983 to 2002 gold loses 42% of its value, that should be enough evidence of how volitile gold is in a recession.
I see only one real spike in a recession and even that is only really a small price recovery. That is around 1982 when gold went from around $300 to $500 but quickly fell back to $300 within 2yrs. This bounce only occured after a fall from $700 to $300 or 57% drop in 1980s.
The bounce was probably catch up from the 15 yrs of stagnant gold prices from 1955 to 1970.
This indicates gold is volitile in a recession and will lose 25 to 40% plus of its value.
I would like to think that inflation and a shortage would create a new benchmark for gold but looking the history and 11 recessions, its a big gamble.
Thats why you must have a low cost producers, preferably under $600 per ounce.