All value is 'speculative' lol

I think the term was coined by the value investing crowd obsessed with assets that can generate dividends or yield, like stocks, rental property and bonds, and couldn't explain why Gold, Silver, empty land plots, art, etc. go up by multiples in value.

I can understand that.

They want to be able to put numbers on things to forecast their values in the future or calculate what its 'objective' value is to determine whether it's undervalued or overvalued.

I think 'speculative asset' is more of an investment definition rather than an economic one.