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<p>[QUOTE=&quot;Drusus, post: 1632590, member: 6370&quot;]Near universal acceptance of PM as valuable, in itself makes it so....until people no longer accept it much like how humans have generally stopped viewing it as, or using it as, viable currency. It was chosen by important people and societies to represent wealth because of its nature and rarity and many still see it as inherently very valuable. In the end it is valuable because we say it is, not because of any inherent value or practical use. </p><p><br /></p><p>People rail about fiat money but gold is no different. Gold is only valuable if we say it is, otherwise we would have to find a use for it other than decorating our fingers and necks (or hoarding). The difference between oil and gold is simply that oil has SO MANY practical uses, we use petroleum based products every day in so many ways...while gold? We can buy it, wear it, stack it and it REPRESENTS wealth by the value we place on it and the currency we are willing to exchange for it. It is the paper bill of the past and to be honest, the paper bill is losing its battle with the plastic card. </p><p><br /></p><p>Gold and silver were simply chosen by the people in power, most likely because it has few other uses save to shine and look impressive and they had the means to extract it. It became the medium in which wealth could be distributed without having to share the REAL wealth. That REAL wealth the land, the resources, the people and what they produce. Without all those other things, a limited supply of gold will only last you so long. Certainly a starving Ethiopian or Irishmen might be able to extract himself out of a bad situation if they had enough gold as it has historically been viewed as valuable...but in reality, because gold is unobtainable to most of them, and today it simply an expensive commodity, without currency to buy it, or the land to extract it from, or weapons to take it, they mostly just starved.[/QUOTE]</p><p><br /></p>

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