I am far from being a goldbug and think it's pretty useless...

I am far from being a goldbug and think it's pretty useless stuff really - cant even stick it in your suitcase and leave the country. HOWEVER the goldbugs have a lot of interesting points.

Gold is the most ductile and malleable of metals - therefore perfect for jewellery, electronics etc. It is the heaviest metal after uranium. It is also virtually indestructible - can only be dissolved in cyanide and aqua regia. It is almost the only metal to occur normally in native state.

IIn the whole of human history, I think only about 200 tonnes has been mined (that's right, it is really rare stuff). Most of that is sitting in the vaults of central banks.

The interesting thing about gold is that every year about twice as much is used for jewellery etc as is dug up. If it was not for the leaching of central bank stores, the price would go through the roof.

Yes it is useless if you are not into ornamentation, but so are gem quality diamonds.