Gold has no intrinsic value. It was used as the standard before, now it's just a different standard - central banking/money printing. The world economy outgrew gold. But to your point, gold has no intrinsic value. it's just a shiny metal. It was used as a standard before, no reason why that should continue indefinitely.
Well actually it's overvalued due to manipulation and jewelry. If people did not like gold jewelry it would start going down. I guess one of the real usages are in electronics.
I'd actually buy more Bitcoin than gold if I was investing. I'd buy both, but Bitcoin has potential to rise much higher than gold does.