Question: Is gold really that precious?
Answer: Given enough gold suddenly appearing, yes the price would deflate. But gold is truly a precious commodity because it is both tangible and liquid (unlike, say bonds or real estate) and because the amount of above-ground gold in the world is huge compared to its annual production. Because the supply of gold is thus relativly stable, the price of gold is mainly dependent on the demand for it. By the way compared to your "billions of tons" of gold, all of the gold ever mined amounts to about 159,000 tons, about 3/4 of an ounce for each person on the planet.
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