Gold has value in and of itself - are you saying paper money has the same ?
""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%
if we were all paid in gold ( 2oz per week say) we would have considered the period of the 1980s as a time of rampant inflation, rather than the 1970s....the 1970s, rather, would have been a period of deflation