|All valuations are ipso facto or post mortem, established in the market. Speculative value has no meaning, but neither does intrinsic. Air, water, survival, love all have some kind of intrinsic value, but again the market decides what you pay for it.|
All values are market values.
Therefore value = fractional (marginal) use times the money supply.
So called necessities have limited value in fact. They only make sense to market in a monopoly or cost plus situation.
Time has value.
So called speculations have the same value as real. If they can be sold, the market dictates their value. Any attempt to place fundamental or take fundamental value away from them will fail.
So amazingly a probable house has the same street value as a real house for sale.
Just don't build it and it will hold its value.
As long as you don't drill you have a mine.