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Russia Starts Selling Off Its Gold Reserves to Fund the War Budget, Breaking a Long-Held Taboo (united24media.com)
submitted 11 months ago by to c/ukraine@sopuli.xyz
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Buying one way tickets to hell for Russian soldiers by selling off Russia's gold and treasure... What will be left when all the humans and gold have been carelessly traded away by Putin to power the mindless Russian war machine?

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[–] 1 point 11 months ago (14 children)

Gold is as worthless as paper

When will we stop this practice of saying something worthless is valuable just so that greedy fuckers can hoard that crap?

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  • [–] 44 points 11 months ago (5 children)

    Price aside, gold is a very useful metal.

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  • [+] -7 points 11 months ago (4 children)

    Paper has many uses as well.

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  • [+] 29 points 11 months ago* (last edited 11 months ago) (4 children)
    [removed by mod]
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  • [+] -17 points 11 months ago

    First, I cannot grow trees in my small rented flat. And felling trees and turning them into paper is quite a hard work, it's only cheap at an industrial scale and it kinda fucks up the environment a bit. Paper used to be an expensive commodity (people would wrote letters like this).

    The properties that make gold expensive are its limited supply, as you pointed, and the fact that it doesn't degrades with time, which make it a great material to use to 'store value'. It has some other interesting physical properties that make it useful, but those aren't the main reasons of its price.

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  • [–] 16 points 11 months ago (2 children)

    Things have little intrinsic value. They are only worth what people will pay for them. If the price of gold upsets you, please do not investigate the stock exchange.

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  • [–] 5 points 11 months ago* (1 child)

    Except gold has huge intrinsic value because it's not that common and exceedingly useful.

    Diamonds, diamonds are the scam that seems to be implied here.

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  • [–] 1 point 11 months ago

    Absolutely but most of its value is due to it being rare…. And shiny. The industrial uses were just a bonus we worked out later. In the early days it was valuable simply because we all told ourselves it was worth a certain amount of chickens.

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  • [–] 6 points 11 months ago (1 child)

    My man; everything is worthless unless a critical mass of people find value in it.

    If every single person in the entire world except you refused to acknowledge the US dollar tomorrow, it would become worthless.
    The same goes for every currency having ever existed.

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