99% of Gold's value is based on "faith". Does he think it's currently valued at around $1600 per ounce because people can look pretty or conduct electricity with it?
Sure, but it's faith that has proved itself historically to be a) far more reliable over the ages, b) far more globally agreed upon than faith in fiat currencies.
It's a necessary property of money that people have faith in it. It's not a necessary property that it be intrinsically valuable.
If promissory notes could still be redeemed for gold, you and I would take the banks up on the offer.