Part 3.5 monetary premium

The value of a monetary good solely for its use as money, and its properties and ability to be used as money. “Intrinsic value” is a nebulous farce that does not describe anything at all.

Scarcity, a function inflation rate, as a result of stock-to-flow (gold is more abundant than some other precious metals, but much more gold exists above ground relative to the amount of gold that can be mined per year, than any other precious metal…high stock-to-flow = low inflation, better money, even if it is less “rare”)

Gold acquired a high monetary premium - valued far above its physically useful, non-money uses