Gold Isn’t Scarce — So Why Is It So Valuable?

For decades, sound money advocates have leaned on a simple, tidy idea: gold is valuable because it’s scarce.  But what if that argument misses the point entirely?  In his latest video, Alan Hibbard takes aim at the “scarcity” narrative and replaces it with a more precise—and more powerful—mental model: arduousness. It’s not just about how rare something is. It’s about how hard it is to inflate its supply.  If you’ve ever used scarcity to defend gold… you might want to rethink that.  Scarcity vs. Value: Not the Same Thing  Let’s start with a quick thought experiment: if gold is valuable […]