I think the system is more complex in terms of feedback than that. A miner (Bitcoin or gold) makes a decision, based on the market value of their chosen commodity, and the cost of mining that amount, as to whether to mine or not. As the price goes up, there is a greater incentive to mine, and as the price goes down, there is less of an incentive to mine.
The core difference between Bitcoin and gold is that Bitcoin was designed from the get-go so that the more mining there is, the more secure the coin is. That is, mining makes all Bitcoins lose some value because more Bitcoins are created, but it makes them gain value because the network is more secure.
Gold, on the other hand, presents no such tradeoff -- the mining of gold makes gold less valuable by making there be more of it, but it in no way makes existing or past transfers of gold more resistant to tampering or anything like that.
There is some bidirectional feedback for Bitcoin, though it's hard to estimate the strength of that signal. But for gold, it definitely feels like you're talking about the tail wagging the dog.
The core difference between Bitcoin and gold is that Bitcoin was designed from the get-go so that the more mining there is, the more secure the coin is. That is, mining makes all Bitcoins lose some value because more Bitcoins are created, but it makes them gain value because the network is more secure.
Gold, on the other hand, presents no such tradeoff -- the mining of gold makes gold less valuable by making there be more of it, but it in no way makes existing or past transfers of gold more resistant to tampering or anything like that.
There is some bidirectional feedback for Bitcoin, though it's hard to estimate the strength of that signal. But for gold, it definitely feels like you're talking about the tail wagging the dog.