> Similar to fiat, most of the value in gold is in people believing it has value.

Much moreso, really, because the value of money is kinda sticky; it's really difficult for it to change _quickly_ because a lot of stuff is essentially priced months or years in advance. Even the pretty dramatic inflation in developed world countries in '21-'23 would not be particularly exciting price action for gold, which really can swing quite dramatically in a short period of time.