Is Gold a good investment?

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Just wondering whether Gold is a good investment for the long term. I am wondering this in general and also at this particular point in time…

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    Gold has come down from just under USD1800 in September 2012 due to improving global economies and because there was something of a gold bubble. Gold was bought by almost everybody and ETFs (Exchange Traded Funds) may have helped that.
    The current price is USD1117 and has been as low as USD1099
    Worries now that could help gold price are the slowing of Chinese economy and emerging economies (BRICS).
    Commodities in general are all weak, again due to less demand.
    I have a figure of USD1000 as a weak buy and some analysts are saying USD800
    Seems to me there’s no rush to buy.

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    I note that the price of gold has risen USD9 today (biggest 1-day rise since June) on the back of the Chinese currency devaluation. If other countries devalue their currencies in sympathy then gold may become a safer currency and its value rise.

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