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
Gold is rare and mostly hard to get. Makes it valuable. Gold doesn’t rust. It’s stable for a long time period. It’s soft and can be worked into beautiful forms for jewelry. It has a sublime shine which is appealing to human eye. These days, gold is also used in high end electronics for all its special properties as a metal that can be worked easily and won’t rust.
Finally gold’s element designation is AU. Because if someone takes it from you, you can say AU give me my gold back.
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