Absolutely, that's why the cries of "fiat currency" ring false upon examination.
Really, so if I have a printing press and you have a hole in the ground, you can extract metal and turn it out as money as fast or faster than I can roll it off the press in paper?
The issue is fiscal DISCIPLINE and that's what PM based monies confer.
Are you comparing the U.S. Dollar to the Zimbabwean Dollar in terms of legitimacy?
The "value" of the U.S. Dollar is due to faith that the U.S. government will back up and support the note when used as currency. The "value" of an ounce of gold is due to faith that someone will accept the gold as currency.
Both the U.S. Dollar and an ounce of gold retain value due to the "faith" that people put in it. They are both valuable because people have determined they are valuable.
Screaming "fiat currency" does not change the fact that value in gold is just as "faith based" as value in the U.S. Dollar.