Fundamentally flawed "analysis" of gold. Gold has "value" simply because people believe it has value. This is very different than commodities that have actual value like oil, grain, copper, real estate. You can burn oil to get usable energy, eat grain to stay alive, fashion the copper into wire to carry the energy, live in or do business from the real estate. Not much you can do with any significant amount of gold but spend money to defend it from theft. and given that individual nations control most of the production of gold its price is always vulnerable to manipulation.