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 a finite resource. It has value beyond just an object (ie electronics). You can’t just make more gold.
Conversely. Paper money you can just print and print and print. If one day people decide they can’t exchange paper money the only thing it’s good for is kindling for fire.
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