Why is gold valuable according to Peter Schiff?

I'm genuinely asking, did he actually mentioned it in any interview besides saying that BTC has no value and gold does?

Gold properties as a material are pretty unique but (correct me if I'm wrong) we can replace it easily by other materials. It's good conductor but we got plenty of replacements (also cheaper ones). Not sure if we can easily replace gold in satellites but even if we can't - is it really worth so much, when we focus solely on it's properties as a material?

And gold is being used for jewellery BECAUSE IT'S RARE, humanity always valued gold because it has limited supply, so I don't count this use case. If gold was very common it wouldn't mean anything to wear golden watch and by his logic gold is one, big Ponzi scheme since 4000 BC.