The only thing that held its value is oil: you would 12 barrels of oil for one ounce of gold in 1971, you get 12 barrels of oil today, even if the price has gone from 12 to 107. That is the true measure of wealth preserving aspects of gold.
Does the world need currencies linked to commodities?
As humans, we have not come up with the perfect system of money. In all religions, there is consistency that gold and silver are the only forms of honest money. The US Constitution says the same thing. It had its flaws but right now the problem is the ability of the central banks to print unlimited quantities of currency. In such a situation, they inevitable overprint. Once you get to the exponential curve, you get into hyperinflation. It always happened this way in the past, I believe it is where are going in the future.