"Gold and silver, like other commodities, have an intrinsic value, which is not arbitrary, but is dependent on their scarcity, the quantity of labour bestowed in procuring them, and the value of the capital employed in the mines which produce them"

This quote by David Ricardo is referring to the intrinsic value of gold and silver, which is not arbitrary, however is identified by the quantity of labour and capital invested in procuring them. He is suggesting that the worth of gold and silver is not identified by the impulses of the marketplace, however by the amount of effort and resources that enter into getting them. This is since the shortage of these metals, as well as the amount of labour and capital bought the mines that produce them, all contribute to their value. This indicates that the worth of gold and silver is not arbitrary, but is determined by the quantity of effort and resources that enter into getting them. This is an essential principle to understand when it pertains to buying gold and silver, as it assists to guarantee that the value of these metals is not subject to the whims of the marketplace.