Why is gold considered a hedge against fiat currency? If the monetary system collapsed — as in, the USD or the GBP or the JPY were no longer accepted in exchange for goods — are you absolutely sure people would accept Gold as a substitute?
This is not gold coins minted by a current government — it’s gold bars, gold bullion, or gold coins from some historical government (like, Spanish doubloons).
Gold, just exactly like fiat currency, is worth something just because other people think it will be worth something.
So if that’s the case — then why is gold considered a hedge against inflation?