There are as many interpretations of this as there are lawyers. That said; I wouldn't buy a Gold fund held in the US (or anywhere really). I can't imagine gold confiscation on a level of FDR, especially since it yielded very little gold and most held onto it anyhow.
That said; a nice fat chunk sitting in a vault in NY would be easy pickings while the sheople held those certificates...
Silver is better unless you expect the entire constitution to be overturned…then, can I interest you in an island in the South Pacific instead…