Is gold at a record high of AU$3,300/oz indicating failing world...

Is gold at a record high of AU$3,300/oz indicating failing world economies?

They say gold hasn't yet reached the inflation-adjusted high of (in today's money) $3,355 per troy ounce reached in 1980 when we had troubles in the Middle East that drove oil induced inflation.

Apart from that the share market seems quite toppy to me which caused me to take profits a few weeks ago.
Currently cashed up waiting for a fall that may not come.