Buying one way tickets to hell for Russian soldiers by selling off Russia's gold and treasure... What will be left when all the humans and gold have been carelessly traded away by Putin to power the mindless Russian war machine?

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[–] thebestaquaman@lemmy.world 7 points 22 hours ago (1 children)

Yes and no: Gold has many important properties and is relatively rare, but what really makes it expensive is that enough people agree that it's worth something.

If the only market for gold was for actual applications where gold is needed, the price would absolutely tank.

[–] Buffalox@lemmy.world 16 points 22 hours ago* (last edited 22 hours ago) (1 children)

No it would not tank to be as worthless as paper, which was what I argued against.
You are arguing against a strawman.
If gold was only used industrially like steel or other metals, and the value was according to that, it would still be way more expensive than steel and aluminum.
Yes the shortage inflates the price, I never argued it didn't. But it is absolutely not worthless as the post I responded to claimed.

[–] Cypher@lemmy.world 5 points 21 hours ago (1 children)

If the gold price dropped significantly it would be used more often, in turn driving the price back up due to demand and limited supply.

You’re correct and anyone saying gold is worthless, or worth very little, is a fool.

[–] Buffalox@lemmy.world 2 points 11 hours ago

You are spot on that if gold was cheaper it would be used more. It is such an amazing material.