Ive never been able to understand the concept of gold. Why is it so valuable? How do countries know that the amount of gold being held by other countries? Who audits these gold reserves to make sure the gold isn’t fake? In the event of a major war would you trade food for gold? feel like people would trade goods for different goods in such a dramatic event. I have potatoes and trade them for fruit type stuff. Is gold the same scam as diamonds? Or how is gold any different than Bitcoin?
In: Economics
We all agree to follow a made up system: a specific metal is worth a certain amount of ”money” at that weight.
Gold is nowhere near the worth of other metals. It’s been used historically because we could mine it and we decided we like shiny things. 10,000 years later it’s US dollars and grams of gold for the “money” and metal.
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