It have been known for quite some time now actually. :p
"The character is mortal and therefore death is final. The items on the character's body are lost forever as are the items in your inventory (backpack). Your items do not pop off your body onto the ground when you die so a friend can not pick them up to pass onto you later. It is all gone. The items in your Stash are not lost as that is shared between all your hardcore characters."
If im not completely wrong gold works the same as the stash in HC. :3