3 ms·
That may have been true a long time ago, but I highly doubt we'll be buying each other gold rings if they cost 50 cents in material like a plastic ring, or some
by IkmoIkmo 9y ago
That may have been true a long time ago, but I highly doubt we'll be buying each other gold rings if they cost 50 cents in material like a plastic ring, or some shiny colored cheap metal ring, or any other easily malleable cheap and abundant material available today.
- wpietri 9y agoPrice is a balance between supply and demand. Gold's price is high because there is a lot of demand for use in jewelry and industry. Its monetary value isn't some intrinsic or historical fluke. The monetary value is underwritten by its utility.