The jewellery market stems from the 'inherent' value thing though.

I think the OPs point is that gold is an arbitrary metal that has been infused with value, just like fiat currency is some paper that has been infused with value. Paper also has 'useful' uses, but that isn't underpinning the value of fiat currency.

Yes, I'll grant that gold is stable in that it doesn't corroded , it's somewhat rare, etc, so it is better suited than other metals, there's still no intrinsic reason to value it though.

I don't think this is a hill that either the op or I is willing to die on though. It is an observation of human behaviour, rather than a statement that gold _should not_ be the world store of value.