/biz/ - Business & Finance

>>55930769
>It acts as a store of human labour.
That isn't it.
I could make a brick, which you pulverize, i remake into a brick and so on for a hundred times.
In the end we would have a brick which has been made with a lot of human work. It wouldn't be worth anything.
Golds value doesn't come from the rarity (we havew more rare metalls that are valued less) nor how hard it is to extract, we have metals that are harder to get with less value.

It's value is entirely in it's shiny appearance, which we like. We decided it has value, and that is all it took.

>>55930958
Imagine Germany wanted to see the gold they have hoarded in the US.
So far they only have gotten half of it.
https://www.ft.com/content/4edf00ee-a43c-11e7-8d56-98a09be71849