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Being useful, and being scarce. Natural gas, oil, coal, and uranium are all very useful, and considered valuable. Being scarce also makes an item valuable. Silver and platinum look much alike, but platinum is more rare than silver, and much more valuable.

However, diamonds - one of the most valuable items in the world - have very little uses and are as scarce as dirt. Also, back in the 1600s, the tulip was HUGE in The Netherlands. I repeat - the TULIP was HUGE in The Netherlands. The prices of a single bulb raised to around 10 times the annual salary of a skilled craftsman. That is 10 years salary for a single flower. The truth is - the reason things gain value is demand. That's how much people are interested in getting something. It doesn't have to be scarce, it doesn't have to be awesome (i.e. pet rocks & TULIPS), the fact is people are interested in getting it - thus it has a value.

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