Eli5: Why is gold considered to be inherently valuable?

Question

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 ?

In: 115

Answer 1

Also, it has intrinsic properties that make it a good currency for ye’ olden times.

1) Its shiny and pretty and doesn’t rust. (which was a really bid deal in pre-industrial times)

2) Its almost uniquly heavy, so you can use common scales and liquid diplacement to determine purity.

3) Its scarce.

4) Its malleable, making it easy to mint new coins with new faces or symbols.