To my surprise, this article is really about gold-bashing. If Gold is of no utility, what about fiat currency, what about diamond? In this world of ours, Satisfying the establishment’s need to deceive and coerce is of utility; Satisfying the materialist’s vanity is of utility; May I ask why preserving people’s wealth against deception and coercion is of no utility? On that regard, Professor Roy Jastram wrote an seminal book called “The Golden Constant: The English and American Experience 1560-2007″. You are a history-buff and will probably enjoy this eye-opening book.http://gold.yabz.com/The_golden_constant.pdf
BTW，the production of gold is both labor-intensive and capital-intensive(the same thing one can not say for HLF). That means the production of gold incurs substantial amount of opportunity cost. May I remind you, opportunity cost is one of the most important cornerstones of the price theory. That is the quintessential fundamental why gold glitters monetarily.