If gold is really a just another commodity then why does it not obey the laws of supply and demand like a real commodity? The declining marginal utility of gold, a monetary metal, is so small it may as well be constant. Who who not want more gold than they have and cry "enough"!? There is 100 years of production sitting on the earth's surface yet people want more and dig for it every minute of the day somewhere on earth. If 100 years worth of copper production suddenly materialised a lot of mines would close. The reason gold has such a low declining marginal utility is that it has been chosen by mankind as money, primarily, and a commodity secondarily. A metal such as platinum is also precious but remains a mere commodity.
