3 ms·
Really? Only 10% of gold is used for industrial purposes. It's really not as useful as copper or aluminium. The rest 90% is purely used for hoarding, as tradit
by ye 13y ago
Really? Only 10% of gold is used for industrial purposes. It's really not as useful as copper or aluminium.
The rest 90% is purely used for hoarding, as traditionally it was thought of as rare and valuable. Now gold is mined at an industrial scale, more than 2000 tons per year. While it's sort-of rare, its quantities in the universe are enormous (and even Earth). People are finally realizing that, and that's why we see both gold and silver prices falling.
- maxerickson 13y agoThat's silly. What you really mean is that at $1200 an ounce 10% of gold is still used industrially. I guess that might stay level if the price dropped, but no it wouldn't.
- ye 13y ago@maxerickson I'm not arguing that gold isn't useful, it absolutely is. Every element in the periodic table has been used for something practical, as far as I'm aware. I'm arguing against the "intrinsic value" bullsh*t.
- maxerickson 13y agoI ignored all the stuff about intrinsic value. I just pointed out that there are strong reasons to believe that gold will retain some value in the future. There is exactly no drop in replacement for gold. Drop in replacements for bitcoin are easy (not necessarily drop in replacements with so many miners, but I don't think it is clear whether that matters).