""Gold has value in and of itself - are you saying paper money has the same ?""
Gold has value because humans give it value through their economic interactions.....paper money does have value..again for exactly the same reason..there is no difference between gold and paper..printing money and doubling the money supply, will lower the value of money by roughly 50%.....likewise hitting a giant vein of previously unknow gold that results in doubling the supply of gold will likewise cut the value of gold by,all things being equal, 50%
Paper money only has value because of the TRUST in the institution behind it. Years ago it was paper money issued by individual banks (I had a great-uncle who owned one), today it is the Federal Reserve backed by the US Treasury (ie taxpayers). If that trust goes, there is nothing backing paper except more paper. At least with the gold/silver reserves of years ago, you could get hard metal in exchange.
You are 100% correct - it's been a while since I studied economic theory - nothing has value in and of itself, it is only human endeavours that give it so.