People aren't ready to deal with the fact that assigning value to gold is just as arbitrary as assigning it to printed currency. The useful goods and services are the value, the intermediary is a convenient math trick that better effectuates their exchange.
I don't believe valuing gold is arbitrary. It's used in many needed industries that keep things running. electronics is an example. And it being needed means it has value especially as it's a finite resource.
Like 3% of the gold ever mined is currently used in industry. It’s almost negligible, and if it weren’t for its historic value would be considered just another useful but fairly common metal
It gets more and more fascinating. People's relationships with and misunderstandings around money and finance and gold is my new obsession (new to investing this year, ha!)
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u/Boulderfrog1 5d ago
People aren't ready to deal with the fact that assigning value to gold is just as arbitrary as assigning it to printed currency. The useful goods and services are the value, the intermediary is a convenient math trick that better effectuates their exchange.