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The same case could be made for the poor buying golden jewelry. I don't find it very convincing.

The same case could not be made, because gold is much less effective at signaling wealth. Gold plated jewelry is visually identical but much cheaper, so there's a "market for lemons" situation where the signaling value of solid gold drops to that of gold plated items. You can even get gold plated tungsten for the rare cases where weight matters. Fake iPhones are much more obvious.

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