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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It’s seen as a safe place to invest and this has pushed the margin way higher: culturally and psychologically it’s always been associated with wealth so people are comfortable buying it. You are right though that it’s not that useful compared to a
Lot of materials!
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