Why is gold valuable?

Gold is valuable b/c it is an awesome conductor. And for what it's worth, all the gold in the world, if somehow agglomerated into a single brick, would form a cube only about 50 ft on each side (source: Jeopardy!). Diamonds are valuable because they make excellent abrasives and cutting tools.

The jewelry thing is just fripperous vanity.

some reason, i don't believe that.. at least in late 70's they had what seemed like a couple hundred feet worth at fort Knox alone.