True, although Gold is there because it is stable, not because it has much use case to make it increase outside of that except electronics and a handful of niche requirements.  If you look at Gold historically compared to the purchasing power of whatever Gov't paper or dinar is in vogue at the time, it's more of a stabiliser than anything - a very useful property.  One good thing about Gold is it has lots of historical data to project how it tracks the more wild swings of alternatives, and can be a measure (so far as we're able to determine) of where in a cycle a system is, which will make it look in fashion, or out of fashion when really it's going nowhere other than showing the success or failure of alternative systems.

If Gold is truly undervalued, then I'd just rephrase that and say it is the same as it ever was, and just pointing out that something like FIAT is out of control.  Gold bugs I would say are people that can see the writing on the wall, and are taking self preservation measures.