Again, you stopped your logical analysis before you got to the end of the logical chain.

Gold differs from fiat currencies in that it cannot be inflated away by politicians and central bankers.

That's it.

It's everything as you wrote AND gold's value over the mid and long term isn't really controlled by politicians or central bankers because they can't issue more of it, which they can with fiat currencies - since the end of the Bretton Woods system, Gold in average just putters along losing 1.2% of value a year, not really caring about the quality of politics in any country.

So holding Gold rather than EUR, USD, GBP or so on is really just trying to protect oneself from Economic mismanagement of currencies.

Everything as you wrote applies and anybody thinking that Gold will hold value if society collapses is a fool.

You could do the same protection against political mismanagement in your own native currency by holding your savings in other currencies, but that comes with the extra work of having to track the quality of politics and Economic management in the countries issuing those currencies (as by holding those currencies you're now exposed to the political fuckups there), plus main currencies tend to be highly positivelly correlated during big Economic Crashes (like in 2007 when all main currencies suffered and maybe only the CNY didn't suffer as much), whilst Gold is not and just does its thing.

As it so happens putting my savings in Gold has already done exactly that: when I lived in Britain I put my savings in Gold and then Brexit came and the British Pound crashed 20% and suddenly my Gold would buy me 20% more British Pounds. It wasn't really Gold going up in value, just the pound going down. Mind you, my savings in EUR did the same, but that wasn't a major international Crash, were the EUR would suffer as much as the GDP or the USD.

Just like there was no Brexit effect on Gold, there is no Trump Effect on Gold or Realestate Bubble effect - the price of houses in GLD has actually been pretty stable, might even have fallen a little bit.

That's the point of it, nothing else. All the bollocks about Gold replacing fiat currencies and so on is just fanboyism from goldbugs - Gold is just an investment class that has less correlation with the quality of Economic management in the largest nations than the currencies of those nations or anything listed in those currencies (such as stocks or realestate).