Originally Posted by
enoch150
Grain has intrinsic properties that make it valuable to people (it's edible and tastes good).
Gold has intrinsic properties that make it valuable to people (it's scarce, divisible, visibly attractive, doesn't oxidize, conducts electricity, etc.)
Gold and grain are valued by people for their intrinsic properties. They do not have intrinsic value to themselves. How much people value those properties, relative to the intrinsic properties of other items, may change over time, depending on people's needs and wants.
Yes, gold has always been valued by people. But people determine the value based on their desire for its properties, the value is not intrinsic to gold. For example, let's say today you could trade 1 ounce of gold for either 10 barrels of oil or 20 bushels of grain. A year from now there is a massive famine. A year from now you could still trade 1 ounce of gold for 10 barrels of oil, but 1 ounce of gold only can purchase 1/2 of a bushel of grain. It's the intrinsic properties that people desire, in this case, something edible, which give things value.