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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Aside from its obvious qualities of being rust-proof and be easy to mold, I love David Milch’s approach to gold as part of the main theme of “Deadwood.” IIRC, the idea was that the town of Deadwood and the Gold Rush were both born out of this mutual agreement that gold has value even though most of the people in the town are using the gold for something else other that what it is prized for metallurgically.
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