Every time a currency was debased, the rise of gold was accompanied by its gut killing volatility, as retail folks bought or sold paper promises based on headlines like sheeps, and the physical gold just kept accumulating in stronger hands. When hyperinflation struck, most common folks possessed zero gold and a lot of papers. Part manipulation (by big money), part narrative framing (from the establishment) part greed or fear of retail tourists lacking conviction to HODL.

But the result has been same.