I hear some economics arguing that currency should be pegged to gold as a way of ensuring that its value isn’t arbitrary / volatile but I don’t understand how this would solve the problem. I understand that gold is a scarce resource that is difficult to mine but is it this alone that gives it intrinsic value ?
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Gold is extremely rare, and has industrial used. How rare? A**All the gold ever mined in the history of the world could fit in 3.5 Olympic sized swimming pools.**
Source: https://www.nevadaminingresources.com/uploads/1/3/3/7/13375159/the_worlds_gold_facts.pdf
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