Not to get all philosophical but aren't
all "things" ultimately assigned an arbitrary (i.e. "ridiculous") value? That "value" is defined by the collective market. Fact is, gold has never been "valued" at zero because the collective market deems it of value. For centuries, gold has been the most
monetary of all commodities. It works as a monetary standard because it is something "tangible" backing the currency. today, the only thing backing the dollar is the US Government which is rapidly becoming a bankrupt entity. Dollars can, overnight, become less valuable (or even worthless) based on the whims of those running the printing presses. Not true for gold and other tangible things of value.
I think it’s one of those “the emperor has no clothes” kind of things. While I agree that, as it stands gold is a hedge against inflation, it is only because of it “perceived” value.
I’ll put my money into tools and raw materials. Things that can really keep me alive if things go badly. I would imagine I’ll be able to gather quite a bit of gold from folks that need real stuff to survive. I also respect those that buy gold at this stage and wish them well.