Steeze, to me it looks like "being Libertarian" and "believing the dollar is going to inflate to oblivion, buy gold" often overlap. I think it's because both stances are based on similar logic: a simple theory that if you believe it, seems to help you understand the world. The people who want a simple, logical-sounding political theory also gravitate to a simple, logical-sounding economic theory.
In my opinion, both theories oversimplify, which leads them to produce incorrect results. Incorrect as in their predictions are wrong more often than right, and their suggested course of action is frequently a poor choice compared to alternatives. Re the dollar, there are several factors preventing the huge inflation that goldbugs obsess about. Velocity of money was mentioned upthread. So was the fact that debt is manageable if means to pay it exist; it appears to be in bounds, though close enough to the edge that caution is warranted. Other factors exist too - for example, as technology advances and spreads, costs naturally go down. Most economists think that inflation in the world's largest economies, especially USA, is manageable and reasonably safe. One of the current arguments is whether it is more likely to have a tendency toward inflation or deflation. At present there is something close to balance, as I understand it (just a schmuck, but a couple decades in to reading this stuff for fun).
Bear in mind that governments have some influence on interest rates. Since the world's main currencies switched to "paper" (fiat) basis instead of gold-backed in the 1970s, the initial bout of dollar inflation was tamed. Ever since, dollar inflation has lessened periodically, to the point where it now roughly appears to oscillate around the target rate of 2% that economists think is most productive for the economy. Smaller countries periodically give examples of how to screw it up, and of course it is conceivable that the US could do so too, but screwing it up to the point of hyperinflation appears unlikely.
If you want deeper understanding, a productive though challenging habit to develop is to read some of the remarks made by the chair and board members of the Federal Reserve. Their periodic public statements discuss the underlying factors and decision making in detail. Each time you see an unfamiliar term, Google it until you can follow what they're saying. Eventually you'll see that while different individuals involved can differ as to exact details of policy, they are working within a general frame that is pretty logical, just more complex than goldbug economics. You'll also see over time that, in an amazingly large majority of cases, the Fed (the agency that has the most direct impact on inflation) correctly recognizes in advance roughly what will happen. They then tweak their own actions to try to optimize the outcome. To me the comforting part is how many things that surprise some people were clearly understood in advance by the actual people who are most necessary for avoiding problems like a "dollar crisis."
Every 10 or 20 years (meaning once in a while, not any specific timeframe) a big enough surprise will happen that everyone is caught off guard, including the Fed. Goldbugs and others then quote those example to prove their own theories. Their theories are still wrong much more often than the mainstream ones.
TL;DR - Yes, probably "the Libertarians" (meaning the ones who do obsess about gold) are wrong. But you can learn a much more accurate framework if you want.