3 ms·
The industry demand of gold is minuscule. It's a rounding error. Buying a $1000 asset with $10 in "intrinsic value" is really no different to bitcoin. Bitcoin
by dannyw 6y ago
The industry demand of gold is minuscule. It's a rounding error. Buying a $1000 asset with $10 in "intrinsic value" is really no different to bitcoin.
Bitcoin can be transferred electronically, and can move across borders without being hassled at customs.
- dgellow 6y agoWhere do you get this from? Statista data show way more than 10% of demand from the Jewelry and tech industries: https://www.statista.com/statistics/274684/global-demand-for-gold-by-purpose-quarterly-figures/ https://www.statista.com/statistics/274684/global-demand-for...
- trident5000 6y agoJewelry is just an extension of speculating on the metal. You can make a necklace out of many materials and it will function the same. Cobalt is used more in electronics than gold. The MC is not close to the same. Almost 100% of golds value is from speculation.
- tomjakubowski 6y ago> You can make a necklace out of many materials and it will function the same. How so? Jewelry's function is to look a certain way.
- trident5000 6y agoI can make a necklace look almost exactly like gold but out of another material. The slight difference in subjective aesthetics does not justify a 1000x+ price increase. Its expensive because its a speculation.
- Aunche 6y agoCobalt is also thousands of times of abundant than gold... https://en.wikipedia.org/wiki/Abundance_of_elements_in_Earth%27s_crust https://en.wikipedia.org/wiki/Abundance_of_elements_in_Earth...