[npoc]

Agreeing on the economic value of something does not make it fiat.

There's a big difference between something having ”economic value” and being something you value. For example you probably value air - you'd die within minutes without it. But it's worthless - it has no economic value, because supply vastly outweighs demand.

I'd argue that Palladium is not as valuable as gold because there is not the same demand, because it's not as useful as money (harder to confidently recognise compared to gold)