imho the best review of gata's work to date, page-11

Why does gold have monetary value?

If the world fell apart and your house was worth nothing, why would having a stash of gold help you?

Gold, like money, only has value if their are goods of value that back it.

Gold is just a medium through which people transfer wealth. True wealth is captured in goods and services and assets. Any form of monetary representation is only valid if their are assets of value backing it.

Wouldn't you rather have something of actual use (utility is true value, gold has zero utility) to help get through the tough times and barter for other goods and services you need? I would rather swap seeds or fertilizer for my basket of vegetables than gold (I have no use for gold!).