Fiat currency is not backed by gold, in fact, it is not backed by anything.

Also, gold is not inherently valuable. It will become a regular common metal once we shift extraction to the asteroid belt.

The truth is there really isn't much with "inherent" value out there, with the notable exception of potential energy.

“The growth of the Internet will slow drastically, as the flaw in ‘Metcalfe’s law' becomes apparent: most people have nothing to say to each other! By 2005, it will become clear that the Internet’s impact on the economy has been no greater than the fax machine’s.” - Paul Krugman

Pray tell which fiat currency is gold backed.

There is no gold-backed fiat currency.