[s3v]

It doesn't matter if we use fiat, non-fiat, dollars, bitcoin, gold, or seashells for money. It's still a trust-based asset. We have to believe that other people will take it in exchange for goods or services. If that trust ends, whatever we use for money is worthless. Money is a collective idea, nothing more.

[netsharc]

It's weird how people think gold is like money prime, and will always have value... It only has value because people think (i.e. trust) someone else will value it (Hello cryptocoin traders). In a world where there's no food and you're hungry, gold is worthless.

[jsmith45]

Gold at the very least does have industrial uses. So even if everybody stops coveting it for jewelry, status symbolism, or treating as an alternative for currency, its value is unlikely to drop completely to zero. Indeed it would likely see even greater industrial use if it were less expensive. But of course, industrial use alone would not keep the price anywhere even remotely near where it is now.

The real trick with gold is that it has that nice shiny appearance that makes people covet it. As long as it maintains that, I'm pretty sure it will continue to sell at a significant premium over its raw industrial value. That said, I'd hardly be shocked if gold prices were to drop significantly, at some point in the future.