To increase the amount of fiat currency, you just have to print a lot of it. To do that with gold is much harder. Gold is expensive to produce.
If by "shore up devaluation" you think that governments will destroy fiat currency, I think that is unlikely to happen. Do you have examples of that ever happening? Usually more is printed and sometimes so much that you end up with hyperinflation.
With the current cost of gold productions, which are unlikely to change dramatically, hyperinflation of gold is not possible. Gold provides security and the market appreciates that. Yesterday it did top $1000 (again) by the way.
If by "shore up devaluation" you think that governments will destroy fiat currency, I think that is unlikely to happen. Do you have examples of that ever happening? Usually more is printed and sometimes so much that you end up with hyperinflation.
With the current cost of gold productions, which are unlikely to change dramatically, hyperinflation of gold is not possible. Gold provides security and the market appreciates that. Yesterday it did top $1000 (again) by the way.