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And of course there's a war with Russia, which might try to destabilize the western economies and monetary system if that's possible.

Shouldn't the prices for those commodities be sky-high because everyone tries to hedge against inflation as well as the looming monetary crisis? Why isn't that the case?

And of course there's a war with Russia, which might try to destabilize the western economies and monetary system if that's possible. Shouldn't the prices for those commodities be sky-high because everyone tries to hedge against inflation as well as the looming monetary crisis? Why isn't that the case?

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[–] • 8 pts (edited )

https://en.wikipedia.org/wiki/Paradox_of_value

The subjective theory of value is an economic theory which proposes the idea that the value of any good is not determined by the utility value of the object, nor by the cumulative value of components or labour needed to produce or manufacture it, but instead is determined by the individuals or entities who are buying or selling the object in question.

Gold is also used in the manufacture of many electrical components among other things.

[–] • 1 pt

It's interesting that many of the uses for gold are modern discoveries- 2000 years ago, gold wasn't that useful. Makes bad weapons/armor/tools because it's so heavy and soft... but boy, does it look sharp!

[–] • 1 pt

Yup. Also plenty of modern things use resources that weren't even valuable before. Oil for example.