An iPhone is more useful than a raw hunk of gold, though. You are comparing a raw material with a processed good. The value of gold (and basically all raw mater

An iPhone is more useful than a raw hunk of gold, though. You are comparing a raw material with a processed good. The value of gold (and basically all raw materials) is tightly coupled to its supply; not as much with iPhones. If everyone in the world got 1 kg of gold, it would be as if everyone on earth got 1 kg of aluminum... that is to say, you would have a hard time turning that gold into something more useful than a paperweight. You would probably be able to take it to the nearest scrap metal recycling plant and get a few bucks.