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But how much of the price of gold is its intrinsic worth? A fake gold ring made of some alloy can look and feel almost exactly the same as a real one, but as so
by joegibbs 2y ago
But how much of the price of gold is its intrinsic worth? A fake gold ring made of some alloy can look and feel almost exactly the same as a real one, but as soon as you find out that it isn't real gold it suddenly loses 99% of its value - maybe it's not magnetic or it is slightly the wrong shade, but the value of gold isn't assigned for not reacting to magnets.
Only 11% of gold is for industrial purposes, so I think that if the thousands of years of cultural association of gold with wealth suddenly disappeared and people decided it was a bad investment, then it would be basically worthless.
- ur-whale 2y ago> its intrinsic worth There is no such thing as "instrinsic worth". There's only supply and demand. Why there is demand for a certain good is a many-colored and complicated affair.
- Nathanba 2y agothere is intrinsic in the context of where we are as humans, that's why saying that there is intrinsic worth is correct. Humans need to eat, intrinsically. I guess partially it depends on whether the word 'intrinsic' still applies.
- BlueTemplar 2y agoUsing that definition, air too has intrinsic worth. But I'm skeptical about the usefulness of this definition.
- Nathanba 2y agoit's the only useful definition because what else would ever be useful just for its own sake? There has to be a reference point and the moment you have one, it's technically not intrinsic anymore. So we can't do that.
- BlueTemplar 2y agoIt's not because a word exists that it makes sense to use it. The (scientific) word æther exists too, but you would only use it in a historical context.