No. Gold's value is in its intrinsic suitability as an instrument of exchange, far more than any other substance on earth. Can you point to any time in the history of civilization where gold has been worthless? I mean, really, any period of time from, say, the days of the Babylonian empire until today? Just what about today's times have changed the intrinsic value of gold? See my other post in this thread for just what that value is. It is by no means arbitrary.
This isn't like fiat currency where it's based on "our faith" like they taught us in school. It's expensive as it is because of a) some decadent people's actual demand for it b) other people's expectation for said decadent people's demand for it. Usefulness as a currency I suppose can raise the price, but only because there is an expectation of actual utility in the hands of a final consumer, somehow or other.
Really, I think gold is interesting because it's rare and thus coveted.
edit - no offense if you enjoy gold, I was just making sweeping generalizations for expediency
The economic expansion when we start asteroid mining will be so enormous that most people won't have much to worry about, financially.
"Your gold is only worth what people will give you in return for it. If society collapses, who is going to trade you gold for food? You'd better hope enough people buy your propaganda about gold's value because it's going to be your only hope; the market for gold jewelry is going to be pretty small and effectively saturated."
Well, there's also expectation of future gold jewelry markets. Assuming we live like Mad Max until the end of time, sure, who needs gold. But if we expect things to improve later, with luxuries becoming a reality again, people holding lots of gold have it made.
I question. You clearly take that as virtually axiomatic, but I question. Gold's ultimate value is that it is pretty and shiny, and industry has produce metric shitloads of prettyshiny since the last time gold had any real independent value as uniquely prettyshiny.
Your gold is only worth what people will give you in return for it. If society collapses, who is going to trade you gold for food? You'd better hope enough people buy your propaganda about gold's value because it's going to be your only hope; the market for gold jewelry is going to be pretty small and effectively saturated.
Gold has no value anymore. Yes, historically it was valuable, but times have changed. A lot.
God help those who are long on gold once we start asteroid mining. Be sure to dump your gold holdings before then, ideally several years before; once the market figures out what that means gold will plunge even before the asteroid gold hits the market. (By "plunge", I mean that I could see it losing 99% of its value in less than a year. No joke.)