Well gold has nothing to do with economics, so that's irrelevant.
Except gold has been long accepted as a means of exchange - dating back centuries. It still has intrinsic value beyond just being shiny and pretty for jewelry.
Thus it has a lot to do with economics. Read up on Executive Order 6102.
They outlawed possession of gold gave people 20.67 per oz. for the gold they turned in. 382.00 in today's money. This was not a fair price. Then they raised the price of gold for international exchange to $35.00 (648.00 per troy oz). Violations punishable by fines that would be worth 150,000 in today's dollars.
The only reason gold is valued is because it's shiny and pretty. It doesn't have some magical value that paper money doesn't.
