Golds only source of value is its durability and… SCARCITY.
It’s labor value is near meaningless other than it’s difficulty to obtain which is, BTW, true of Bitcoin now.
—”Golds only source of value is its durability and… SCARCITY.”
Not exactly.
In just a few minutes one can move a magnet around in loose dry earth and find iron quickly.
Here in DuPage County Il, I have taken a pan of loose sand and water, worked it carefully for a few minutes.
With some luck and bright sun, you may see a few minuscule flakes of gold.
“Smith’s theory of value was very similar to the later utility theories in that Smith proclaimed that a commodity was worth whatever labor it would command in others (value in trade) or whatever labor it would “save” the self (value in use), or both. However, this “value” is subject to supply and demand at a particular time”