Steel and aluminum have industrial use but are not scarce and durable as gold, so can't be use as money. Gold and silver makes much more sense as money. But even silver was somewhat demonetized because of industrial use.

this makes sense tho. Yellow metal is almost worthless. 

In a capitalist system you make economic decisions that make sense. "I want this because it's yellow" does not make sense. Buying Steel or Aluminium for using them instead makes more sense

kilianbuhn

econ

Gold CRASHES It's All Over for the Boomers (Bloomberg, John Authers)

denlillaapan

It's funny how the "communist" countries are buying gold those years and the "capitalists" countries are full of debt and short of gold. Anyway it's all bullshit because it's the "govt" buying or selling, individuals matter much more. Central banks buying or selling stuff means nothing in a personal level.