By the way gold, silver are a form of fiat. they derive there value from people (as does paper money) and what value we give it, they have no magic value of there own they are just metals.
I think the word fiat implies that some government or institution officially accepts a certain thing at a given rate. Prior to Nixon's order detaching the USD from gold, I guess you could have called gold a fiat currency. Now it is only a fiat currency in Utah. Someone correct me if I'm wrong.