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I agree, but 'value' is an inherently nebulous concept. Apparently gold is valuable. Not as far as I'm concerned. I doubt there's more than a couple of grams of the stuff in the house, and that's only on electric connectors. Most of the world's population is prepared to pay vast sums for it though. Go figure...
I don't think the collective delusion part is necessarily the problem, but the madness in the way it's "created" has never made sense to me.