MyPayrollHR closes suddenly and tens of thousands of employees from 4,000 companies lose paychecks

[iluvatar5150]

The so-called safe haven value of gold exists because gold has inherent value, for a variety of reasons.

It's not just that gold is rare and difficult to extract when found, it's also that certain physical properties of gold are in a class by themselves. In short, for a variety of reasons gold is in demand and people are always willing to pay for it. The same can't be said for crypto-currency, nor is it inherently true for any government's currency, though the US currency has withstood the test of time rather well.

Its rarity and physical durability make it a good choice for hard currency but its “inherent value “ is a myth. If it had inherent value, its price wouldn’t be so volatile. Its value is determined by whatever people are willing to exchange for it.

 

[NightHawkeye]

Its rarity and physical durability make it a good choice for hard currency but its “inherent value “ is a myth. If it had inherent value, its price wouldn’t be so volatile. Its value is determined by whatever people are willing to exchange for it.

Incorrect (for the most part).

When people start paying more for gold, then more exploration for gold occurs and the price of gold drops when more supply becomes available. That difference sets gold apart from crypto-currencies and fiat currency. Neither of the latter possess any intrinsic value, although mining for bit coins does offer a rather interesting twist to the concept.

 

[iluvatar5150]

Incorrect (for the most part).

When people start paying more for gold, then more exploration for gold occurs and the price of gold drops when more supply becomes available. That difference sets gold apart from crypto-currencies and fiat currency. Neither of the latter possess any intrinsic value, although mining for bit coins does offer a rather interesting twist to the concept.

What is this intrinsic value? Where does it come from? By what means and in what units do we quantify it?