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Pastimes : All Clowns Must Be Destroyed
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To: Lucretius who wrote (11325)2/21/2000 8:56:00 PM
From: Jorj X Mckie  Read Replies (2) of 42523
 
It has none. But isn't that the argument used for many of the internet stocks, that it is perception that drives the price up, not the real underlying value?

Gold once had inherent value, the malleability and non-corrosive nature of the metal made it ideal for fashioning tools. I believe that is where the original value was derived.

Kinda like cigarettes in prison. They have an inherent value and can be used for trade. Often though, they will go unsmoked as their trade value is greater than their smoking value. If everyone in prison quite smoking, I would bet that something else, like top-ramen would become the prison currency since it has inherent value.

For the sake of argument, I am wondering if this has happened to gold.
JXM
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