In antiquity gold fluctuated between 5 and 15 times the value of silver. It is currently worth 80x more than silver. This despite silver having greater industrial utility and being only 19x more abundant.
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Same reason bitcoin costs more than snickerscoin – it’s speculative value is perceived as being higher. If i buy a bar of gold, i reasonably expect to be able to sell it for more than what i paid for it in a few years, by convincing younger people than myself that it’s worth that much more.
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