Actually it's not that simple. The amount of gold that comes into existence is a somewhat steady percentage per year. That percentage, although deflacionary is below the rate of devaluation for fiat. So although not a good investment,.it's a reasonable store of value.
Discussion
Well, not quite, thanks to the guys in Ghana:
https://theindependentghana.com/illegal-miners-discover-largest-gold-in-ghanaian-history/
Coincidence that the gold price is taking a deep dive?