ultimate bubble is paper money, page-5

"In short, what happens when nobody wants to sell their gold for paper money. They just say 'oh, no thanks, I will just keep my real money (gold).'

If gold hit $10,000 an ounce today what would the holders of gold do? Trample over each other in a stampede to convert it to paper money.

Any asset of value is always looked as a conversion to paper money, what that money will buy. Paper money can only be devalued by inflation. Bullion, shares, gems...whatever...get valued and devalued with speculation.