The value of gold is a myth.
Their is some value to gold, just not the magical value some people attribute to it.
It's the most non-reactive metal, meaning it doesn't corrode or oxidize. It reflects all infrared energy, making it about the best radiation shield (great for coating spacesuit visors). It has extremely high electrical and thermal conductivity in a wide temperature range. It's the most ductile metal known, meaning you can make extremely thin wires or sheets that still hold together. And by thin, I mean an ounce of gold can make a five mile-long wire.
In all, I'd say it's pretty valuable.
If I'm willing to pay you $1 million for your ounce of gold, then its value is $1 million - and that's neither mythical nor magical...
The value of anything depends upon what someone is willing to pay for it. Gold is a commodity, technically so are those Federal Reserve Notes in your pocket. You can buy, sell and speculate on the future value of them. So it does have value, at this time it $437.80 but the spot market closes in two minutes.
Huh? $440 an oz. That's not mythical it's pretty real.
Any more so than the value of a piece of paper?
Value "is what it is": Value.
It's worth is determined by the "value" that people place upon it. Some place a little, others place a lot. Some have no need, thus no "value", for gold.
Same principle with oil,water or oxygen.
"The value of gold is a myth."
So's the value of the dollar. Would you rather have a $20 bill or a $20 gold piece?
If that's really true, then why did our government order almost all of it to be confiscated?