Jewelry and industrial uses do define the value of gold. Gold is not valuable from just being scarce. It is valuable because it is scarce and people want to use

Jewelry and industrial uses do define the value of gold. Gold is not valuable from just being scarce. It is valuable because it is scarce and people want to use it. The price goes down when demand for jewelry goes down and goes up when demand for jewelry goes up. There’s been a myth created by crypto currency activists that gold is just like crypto currency in that it’s valued simply as a value store, which is incorrect. Its use as a value store increases the value, but at its core the price is still dependent on the uses of gold. Over half of gold mined is used for jewelry or industry[1]. Yes, some is kept as investment, but that investment is based on the idea that people will continue to want gold jewelry. [1] http://www.numbersleuth.org/worlds-gold/ http://www.numbersleuth.org/worlds-gold/