There is some supply and demand factor,
but for the most part, think of the value of gold as a constant,
and its “price” is just a reflection in the value of the dollar.
Historically, an oz of gold would get you a nice suit of clothes and a contemporary personal defense weapon. It still does.
Also, if you understand that the dollar’s days are short,
you “buy” gold as wealth insurance.
No, you can’t eat it; you can’t really spend it either.
But it’s insurance to be changed into whatever passes for currency “after”.
If you need a metal that will be used for currency until that new system is in place, that would be silver.
Silver is money, gold is insurance.
“Silver is money, gold is insurance.”
Agreed.
A friend once said to me:
Gold is what you use when you want to buy your neighbor’s house, car, or daughter. But silver is what you use to buy groceries, fuel, and to make other small purchases. Anyone who tries to buy a bag of groceries with gold will likely just see a smiling grocer saying, “Thank you!” when you over-pay for your food.