Gold isn’t that valuable to industry, either
Gold loses out to other metals such silver, which is frequently used in products ranging from electronics to medical devices to solar panels. Even diamonds are used in a variety of industrial applications, while other precious metals such as titanium are used in various industrial processes. While rare earth minerals are in short supply and central to many technological products we rely on every day. Gold, on the other hand, doesn’t have that many industrial end uses. After dental fillings and jewelry there’s electronics, that just doesn’t add up to much demand.