Realistically, however, gold's utilitarian value does not even come close to accounting for its actual value. Sure, you wouldn't lose all your investment if the gold market suddenly collapsed, but you would still lose the vast majority of it.

Even in Misesian economic theory, the utilitarian value is primarily accountable for originally popularizing a commodity's use as one or more of the three uses of currency (store of value, transfer of value, measurement of value), not for its continued use in those roles.