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Why is gold valuable?
Gold has no yield, no industrial demand floor, and no company behind it. Its value comes almost entirely from scarcity and a very long track record.
Unlike a stock or a bond, gold produces no income and has no CEO promising future growth. Its value rests on two things: it's genuinely scarce (mining adds roughly 1–2% to the above-ground supply each year), and it has functioned as money or a store of value across nearly every human civilisation.
Because gold isn't anyone's liability — no government or company has to make good on a promise for it to remain valuable — it tends to attract demand precisely when trust in other things (currencies, banks, governments) is being questioned.
That also explains its main weakness: with no yield, gold becomes relatively less attractive whenever real interest rates (the return on safer, income-producing assets after inflation) rise. Gold's price is a running vote on how much people currently trust everything else.
See it in the data
Confidence sources, uncertainty sources, and the current market conditions for gold, in one place.
See Gold's trust profile