Lets see, within the last week the last virgin paper currency, the Swiss franc lost her virginity with the announcement that the currency is going to be pegged. So now there is now how paper is fiat currency.
And now there is massive central bank intervention al over the globe - meaning money printing. And just for kicks, the latest economic reports today show stagflation.
The fundamentals have only become stronger for gold. In fact holding paper currency issued by the USA, Europe, and Japan just means that you are on the hook for TRILLIONS of debt that these countries have.
Laughable to think anything has changed, in fact it has gotten better for gold.
Ah look at the the Fed balance sheet. Look at the POMOs. The money coming to make your SWAP possible is due to dollar PRINTING. It all filters down. So you are wrong on the fundamental basis of the reason for investing in the asset.