Umm no. What happened was people took their money out of the bank to hoard gold which crippled the money supply and credit markets. Which is exactly what would happen if Gates et al. decided to hold their money under the mattress instead of in the bank.

Gate's and Buffet's "money" is stored in stock in companies, which add value to the economy - ie, their money is active and productive. That's the opposite to storing value in gold.