Even if most people view it as an investment, presumably the price of gold is at least somewhat tied to how much people want it for non-investment purposes (otherwise you seem to be saying that its price is a pure Keynesian beauty contest). If you are richer, the non-investment value of gold seems to be less relative to your total resources (since gold is still just gold).
Even if most people view it as an investment, presumably the price of gold is at least somewhat tied to how much people want it for non-investment purposes (otherwise you seem to be saying that its price is a pure Keynesian beauty contest). If you are richer, the non-investment value of gold seems to be less relative to your total resources (since gold is still just gold).