I'm not saying they're a bad investment, I just don't understand how a value is applied to them. How is a value applied to gold? For its industrial usage in electronics? Jewelry? I know they've been used for thousands of years, but who determines they're worth? If I decide gold isn't worth being used for jewelry because the only thing worth getting is a watch, do I get to decide on its price?
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Their value lies in their immutability and scarcity. You can always print more dollar bills, but it takes a lot of work to mine more gold. Similar to how real estate holds value, but every piece of land is different. With Gold or silver, every ounce is the same.
Diamonds are kept artificially scarce and artificially expensive, could it be the same with gold?
No they’re not. They are both rare enough to use as stores of wealth.
So who decides what a diamond is worth?
The Markets.
With silver, at least, they are manipulated to seem artificially plentiful! You can have unlimited hypothetical 'paper' gold and silver. It is not till people try to take physical possession of the metal that they can call the bluff.