Considering that the nominal value of above-ground gold reserves is comparable to that of commercial real estate worldwide, it looks overvalue to me. There is

Considering that the nominal value of above-ground gold reserves is comparable to that of commercial real estate worldwide, it looks overvalue to me. There is so much productive use of commercial real estate, while gold is at best a medium of exchange and quite an inconvenient one relative to coins and banknotes. (Gold's industrial value is much lower than this and arguably its psychic value would not hold up well without its liquidity as money.)