How does that work when the dollar goes bad? Do you sell your gold or silver for an increased amount of bad money?
More of a barter / alternate economy thing. Gold and Silver work as long as there are government economies outside of the USA that are functional. Internally Gold and Silver my be of little value if it gets really bad economically and bartering becomes the alternate economy exclusively.
If you want to get some real details look at what happened to Germany at the end of WW2 and the time after during it’s recovery.
Basically, yes. Any asset that is not printed, fiat government money will tend to hold value
Over last decade, I had to travel regularly to Argentina for business. I met a beekeeper there who keeps his savings - in honey. He harvests his crop, and keeps it in his warehouse. Because its a commodity than can be exported, its priced in US dollars and the Argentine peso was continuously inflating, he only sells some and converts it to local currency when he has an immediate expense - kids' school fees, needs repairs on truck, etc...and this is how he operates, until the new crop harvest replenishes his "wealth."
Why are those that now have the gold willing to sell for soon to be worthless paper dollars?
We see their advertisements all the time in magazines.
“Paper money going bad and will soon be worthless!
WE got the Gold! Invest in Gold!
WE will give you Gold for your worthless paper money!”