A simple yes. I'm starting to get annoyed with golden tools and would like an actual application for gold for once.
gold is gold it is just gold. you remember that now why do you want gold to be something that it is not. so you think of what you think about gold or something like that.
You should be able to make gold coins. It would be an Easter egg, when put in a chest the chest appears to look full of gold. When you go near it you have an option to bite it and bend it like pirates do, the you get a bent coin. I want my space station to be a pirate themed one. That would be awesome. Maybe gold teeth as vanity, so you can really become a space pirate. Oh, and a pet parrot.
Gold is very resistant to acids, so it could be used for acid resistant gear that would come in handy on acid planets.
I think what was meant was that there are tons of pure elements that are very real, but we just don't know about. I think there should definitely be made up elements in this game otherwise the names of the elements would just get boring.
What we really should implement are alloys for the various soft metals out there, sure you could make gold armor that crumples like tin foil or you could combine it with iron in the (insert scientific sounding name here) and get an armour/weapon that is both snazzy and strong. But if gold remains a electronic component then I'm happy
I wouldnt mind gold also being able to create ingots, and then you are able to place ingots on your tables and shelves as decoration, maybe could use it as a "Player Trade Currency"
To speak the truth there is no more elements in the universe than in the periodic table. With the excession of one that could not be found untill now, and only exists in theory. The other elements are just fictional. What coulde be infinite are the ways we use those elements, like alloys and other derivated materials. Anyway, I am sure that there will be many fictional elements on Starbound, if we stick just with the real ones it would be too lame.