Gold has a use value.

So do beanie babies. Might be less than gold, but that's why I'm calling this argument flawed.

The second part is that despite these disclaimers, I don't think gold has, in modern history, or will in our lifetimes, reach a price reflecting just the use/intrinsic value. The reasons being twofold: the storage of value IS a use itself; and importantly, which applies to Bitcoin and others, there are always people that will be willing to buy the dip, which is how the requested new generation of "fools" comes from.

90% percent of gold is used in jewelry or bars so use value isn't that much unless price is prohibiting use cases.