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Question is really simple-

The value of gold is it self controlled by supply-demand, which insinuates that gold is fiat, only valued because people accept it and not because it has a use case. from Wikipedia "Fiat money does not have significant intrinsic value or use value". so if gold is fiat, how does it back a currency? how is a currency backed by gold, not a fiat?

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    $\begingroup$ Welcome to Economics:SE. Thank you for your question; please consider revising it to be more in line with our community expectations. Like many other stacks, we expect questions to provide evidence of prior research. That helps us to understand the question, and avoids our repeating work you've already done. Our help center, and other stacks provide additional resources to assist with revisions. $\endgroup$ – 1muflon1 Feb 26 at 17:42
  • $\begingroup$ @1muflon1 ok, will keep in mind. $\endgroup$ – user32622 Feb 27 at 3:37
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The value of gold is it self controlled by supply-demand, which insinuates that gold is fiat, only valued because people accept it and not because it has a use case.

  • Anything traded in a market can be said to be valued by supply and demand. This includes commodities like crude oil, which certainly has a use case.
  • Although most interest in gold is for “store of value” purposes, it is used in industrial processes as well as jewelry. That’s the “use value” of gold.
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