The Gold Bubble

I think that people who are buying gold right now are out of their minds. Evidence that gold is in a bubble:
1) Ads selling it everywhere
2) Meteoric rise uncorrelated with inflation
3) Huge markup from producer to consumer

Gold really has no significant use besides jewelry and as a store of wealth. It doesn't earn a return like stocks or bonds. One day (probably after our economic troubles subside), gold owners are going to realize that their gold doesn't do much except look pretty and the wailing and gnashing of teeth will be tremendous. (As in, "the $20000 worth of gold I bought is now worth $7000).

As seen on a bumper sticker: "Fearful people do stupid things."

Full disclosure: I don't own any gold bullion, securities or derivatives nor do I intend to within 72 hrs.