Why do we value gold so highly?

[Werewolf]

As pretty much everyone has said it's because of the rarity of it, the variety of uses and that it's got no real replacement for many of it's uses (in many cases you can get some of the properties).

Add to that it's easy to store, and doesn't degrade over time, so it's almost perfect as a way of keeping your "money" safe as it won't generally devalue too much, and won't be affected by things like a housing market crash

 

[Andrew1978]

to put it in perspective all the gold in the world would apparently fit in aprx. a 20mx20mx20m cube.

 

[Werewolf]

is that M as in meter or mile?

 

[Shoseki]

Shiny

 

[Andrew1978]

is that M as in meter or mile?

metres, isn't it M/Mi for miles?

 

[Angilion]

Gold is so valuable because it is agreed to be. It is useful to have something tangible and durable that is generally accepted as being of high value. Gold fits the bill because it doesn't decay, can't be made and is both rare enough for the supply to be controllable and common enough for it to be possible to acquire tangible amounts. It is, in effect, a standardised display of wealth. Standards exist only because enough people (with enough power) agree that they are standards.

The same goes for diamonds and other gems. They are just pretty rocks. Diamonds aren't even that uncommon. The price is hugely inflated for the same reasons that gold is valuable, plus the profit to be made by the diamond cartels.

 

[mattyfez]

Gold was kind of adopted as somthing universaly desireable, due to rarity, and then in turn banks used to have to be able to back themselves up with gold.

So its also got a bit of an image, an image of wealth thats kind of become self perpetuating, its like any other stocks and shares these days, its percived value is a self forefilling prophecy that makes it valuable.

 

[bam0]

to put it in perspective all the gold in the world would apparently fit in aprx. a 20mx20mx20m cube.

Not quite, but close

http://forums.overclockers.co.uk/showpost.php?p=11288264&postcount=35

That's ever mined rather than total world resource, I'm guessing there's still a hell of a lot left.

 

[JAMAL]

It's also used in electronics as it does not corrode. In fact a lot of computers in landfills contain a fair amount of gold....

I make PCB's for a living and there are plenty of other finishes that do not corrode/tarnish, its all about solderability and having a nice flat finish for surface mount components

 

[Haircut]

Not quite, but close

http://forums.overclockers.co.uk/showpost.php?p=11288264&postcount=35

That's ever mined rather than total world resource, I'm guessing there's still a hell of a lot left.

The volume on a 6m deep Olympic swimming pool is slightly less than a 20x20x20m cube so he was correct.
http://en.wikipedia.org/wiki/Olympic_size_swimming_pool

 

[Shoseki]

I still think its because its shiny.

 

[aardvark]

Because it's the One True Currency

True.

A currency that is backed by government degree (fiat) is what everybody has now -but never in history has a fiat currency lasted long term, they have all collapsed because people lose confidence in them - why have confidence when the powers that be can simply print some more for themselves!
The banks and governments know this which is why they still keep considerable reserves of gold in the vaults - its emergency money because they know, deep down, that the system can collapse and will inevitably do so in the future (as everything does) - might be soon, might be a long long time from now, but its the ultimate financial insurance.

 

[Haircut]

The banks and governments know this which is why they still keep considerable reserves of gold in the vaults

Tell that to Gordon Brown!

 

[Bes]

Because it's the One True Currency

Maybe before we all decoupled from it and based our economy on fiat currencies...

 

[Torquar]

Gold can't be affected. We can't make it. There's no way you can produce it, so it's worth something.

Apparently we can, its just not easy to do so.

http://en.wikipedia.org/wiki/Gold_synthesis

 

[bam0]

The volume on a 6m deep Olympic swimming pool is slightly less than a 20x20x20m cube so he was correct.
http://en.wikipedia.org/wiki/Olympic_size_swimming_pool

Of course it is, I guess I was questioning what is meant by "all the gold in the world", all we've ever mined, or all that exists?

 

[RetiredGreyFox]

to put it in perspective all the gold in the world would apparently fit in aprx. a 20mx20mx20m cube.

My readers Digest Book Of Facts puts it this way :

If you get a tennis court and cube it, you could put all the gold in thats ever been mined.

 

[Heliospherez]

To answer your question.

We use many different precious and rare metals for depositing atom thin layers of materials on the build of read/write heads (spin valve and MR elements) used in perpendicular HD recording heads

We have in excess of 400 different target plates of various metals and compounds on our machines. Some up to $100,000 each in value.

 

[Spend_day]

its all explained in the movie alone in the dark its because it can trap evil spirits lol. ok i have no idea im of the opinion because its shiny and stays shiny

 

[Mad old tory]

It's safe so used as a hedge when the markets go belly up. Hence why gold is rising in price at the moment. The markets are struggling so people are turning to gold as a safer alternative. It doesn't really have much to do with intrinsic value, although it's not fiat money in the same sense as notes which are literally worth pennies in terms of the paper used.