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And this still ignores the fact that the value of gold is also arbitrary and disconnected from it's utility as a raw material.
by konschubert 9y ago
And this still ignores the fact that the value of gold is also arbitrary and disconnected from it's utility as a raw material.
- marcosdumay 9y agoGold value is very dependent to its use as raw material. Any small market will peg the value of a currency.
- mrb 9y agoGold price depends very little on its real-world use. Only 10% of the yearly production is used for industrial purposes. The remaining 90% is stored in vaults or used for jewelry (which arguably is popular only because it is expensive; many other metals offer similar or better properties but aren't favored because they are "cheap".)