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Gold and silver have been valuable to societies all over the earth for 1000s of years. This reason alone makes gold and silver valuable - because they have 1000s of years of reliability. There were no iPhones or tech in medieval times yet gold and silver were valuable. As long as the aristocracy values gold and silver - they're valuable.
Money HAS TO BE:
>Durable
>Transferable
>Divisible
>Intrinsically valuable
>Scarce
>Recognisable
>Fungible
time and time again people try to replace real money with something else and it fails every time, and what are those people forced to revert back to? GOLD AND SILVER.
Gold and silver are the ONLY substances that have ALL the properties needed and that meet all the requirements to be defined as money.
It is these properties that gives gold and silver INTRINSIC value.
