There is much truth in comments above about gold's value being a matter of opinion (which is why I said not everyone accepts the narrative I gave) but the fact is that it has held value over centuries and interest in holding it has not dwindled. Of course, we are no longer on the gold standard but it does have more uses than one might think. About half the gold mined has gone into jewellery, decorative gold leaf and plate and some has gone into electronics. It is frequently bought when political upsets occur or when stock markets collapse or when there is need to flee persecution. People are fully aware that it does not produce income but nonetheless they seek it as a countercyclical insurance. Nations also have found it worthwhile to hold. No other element has come close to its perceived utility as a store of value, not silver nor any of the rare elements.