Scarcity alone is not enough to make something valuable. The value of gold comes from the fact that is has been a financial hedge (safe haven, at least to some

Scarcity alone is not enough to make something valuable. The value of gold comes from the fact that is has been a financial hedge (safe haven, at least to some degree) for a very long time, and presumably will continue to be for a very long time. I'm not sure if that is a correct use of "financial hedge" but it seems to get the point across. Gold is not necessarily a good store of value, but its downside is certainly much more limited than a lot of other things.