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
Money is valuable because you need it to pay taxes.
Gold – really silver historically – is useful to make into money because it is rare, easy to make into shapes and valuable on its own.
Precious metals are valuable because they are pretty and make good jewelry and art
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