Does anyone own Gold? Gold is at record highs!!

(click chart to enlarge)
In our historical gold chart (weekly timeframe) we basically have what appears to be a 90 degree angle for gold prices. This tells me that gold must be very valuable or inflation is out of hand and the currency is collapsing.

No matter how I try to justify this I can't see how Gold is worth nearly $1500 an ounce. As a trader I can but physically I can not justify this. I don't own Gold, I never have and never will. I've never owned diamonds and for diamonds I also can not justify their extreme value. The only exception is that happens to be the going rate apparently because people will pay what ever the price happens to be. People I know don't own any sizable amount of gold! It's not as if everyone gets up in the morning and says oh man I've got to get some gold or I won't be able to make it through the day.

But because the US dollar is weak governments buy it and the price will go up accordingly do to demand. It's only because the US Dollar and other currencies are weak and/or unstable so they buy up all kinds of gold and the price is going to the moon. As the US creates more money (from bailouts, low interest rates, ect) the price goes up for gold because it takes more dollars to buy the same items.

But I never see anyone ever buying any gold or looking to buy gold. Then there's that stupid saying: "This Stuff is like GOLD".. Ok big deal it's like gold - gold is worthless except for lure for fools that think it holds any type of real value. I know it can be used in industry but only a fool would rely on this stuff as there are many other cheaper metals that are more than adequate for industrial uses. Gold is not a major industrial metal unless you like to waste money.

I'm a pretty handy guy and I try to think of things I could build that would require gold to build. A car? A computer? A solar panel? NO!!! None of these product require gold to build. I can build high quality devices without ever having to use even a minut amount of gold. A jet? NO!!! How bout a UFO? You know I've never built a UFO but if I could I bet it wouldn't require gold lol!!!!

Golds real worth is probably just a bit better than silver in my opinion and even then the prices are only high because of the monetary policy. Lure and superstition shouldn't ever cause the prices we are seeing now. There's just not that kind of value in a metal that is only slightly superior to silver in industrial use.