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People don't really buy things on a daily basis with gold either, and 99% of its valuation is based on speculation.
by pfisch 3y ago
People don't really buy things on a daily basis with gold either, and 99% of its valuation is based on speculation.
- pixl97 3y agoHence the dollar is not pinned to the price of gold.
- the_gastropod 3y agoYou’re right that gold isn’t used as a currency and that it is a speculative asset. But 99%? Hardly. The majority of gold is used for jewelry or in electronics manufacturing.
- pixl97 3y ago>The majority of gold is used for jewelry or in electronics manufacturing. I feel this is some kind of trick answer.... https://www.statista.com/statistics/299609/gold-demand-by-industry-sector-share/ https://www.statista.com/statistics/299609/gold-demand-by-in... Around 53% of mined gold is used in jewelry (46%) and technology (6%). 47% is in investment and markets. But this doesn't really properly break down how much jewelry is purchased as a type of investment hedge in places where markets are not stable. Unfortunately there is no easy way to separate out jewelry purchases for enjoyment/fashion verses alternate wealth holding.