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No. Gold's value is in its intrinsic suitability as an instrument of exchange, far more than any other substance on earth. Can you point to any time in the hist
by teilo 17y ago
No. Gold's value is in its intrinsic suitability as an instrument of exchange, far more than any other substance on earth. Can you point to any time in the history of civilization where gold has been worthless? I mean, really, any period of time from, say, the days of the Babylonian empire until today? Just what about today's times have changed the intrinsic value of gold? See my other post in this thread for just what that value is. It is by no means arbitrary.
- orblivion 17y agoThis isn't like fiat currency where it's based on "our faith" like they taught us in school. It's expensive as it is because of a) some decadent people's actual demand for it b) other people's expectation for said decadent people's demand for it. Usefulness as a currency I suppose can raise the price, but only because there is an expectation of actual utility in the hands of a final consumer, somehow or other. Really, I think gold is interesting because it's rare and thus coveted. edit - no offense if you enjoy gold, I was just making sweeping generalizations for expediency