Yes, gold has inherent value, because there is not much of it in the earth. Because it is irreplaceable, gold has always held its value throughout history. This has been true in many different time periods and many different cultures. If a person could have a million units of gold or a million U.S. dollars, they would be wise to take the gold.
There is a long cultural love of gold and the value has been around since the beginning of humankind, largely due to both its hard to tarnish shine and ease of shaping into things. Still, gold is a very useful conductor, in addition to a number of other scientific applications.
Yes, as gold gets older it just keeps getting worth more and more, mostly since the price of gold just keeps going up and up further and further, to now it is worth a huge amount. I think that it is a really good investment to make and pays off.
Gold itself is simply a metal found in the earth. There are countless metals created in the earth, but the appeal of goal has evolved over the years so that the value of gold has seemed to be taken without consideration. It is important to note, however, that it is more a luxury item that fits a fancy and is only supported by human constructions of value.
Materials like gold are only as valuable as people want to agree. The only value gold has comes in terms of how difficult it is to attain. But in general, there is no value to something like gold. I think that if people continue to think it should be valuable, then it will be.
Value is external because it is just the measure of how useful we find an item, idea, or person. If we ever find or create materials that are superior to gold in all the ways we currently use it then gold would become worthless. If something can become worthless then it logically follows that there is no inherent value in it.