>> >> Surely the value is based on the product, it's not like it's some imaginary
>> crypto
>> >> or faddy food or fashion product.
>>
>> Same thing for all to my mind, what's it's worth to someone? Doesn't matter if
>> it's a drug or crypto or faddy food or...
If you think of it as the right to future cash flows then to me there is a difference between things with some value underpin and things that people for some unaccountable reason just want. Not to say that the latter are worthless, just subject to very high volatility in response to changes in taste, and of course 'confidence'.
The oddity for me is gold, which is valued beyond its 'industrial' worth but is usually a refuge in times of uncertainty. One of my long term actively managed fund holdings is Troy Trojan, which is holding around 6% of the fund in bullion at the moment.
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