So gold soared in the 1980s because the Saudis bought it with their dollars, instead of buying Treasuries?

I think Roubini is against gold, but he has never explained what else people will flock to once they want to divest from the dollar. What are the choices? Equities, bonds, euros, swiss francs, sterling, yen, renminbi? Gold, silver? All that money will go somewhere else, pushing up the value of that “something else”.