Gold as the “ultimate bubble”

If you look at the historical price of Gold, you would notice that it was relatively flat for most of 80s and 90s. The high in 90s was about $350 per oz. The gold prices began to appreciate remarkably in this decade at it is at a high of $1300 per oz. That is a very sharp increase in a relatively short period of time. That slope is the kind of the "bubble slope" you look out for,

Another point is this : gold can not be consumed. You cant eat it, use it to build industrial products. Almost Every oz of gold that was ever mined exists somewhere in the same form. In absence of any specter of shortage of gold, its sharp increase in value doesn't make any sense.

It does look kind of unstable: http://inflationdata.com/inflation/images/charts/Gold/Gold_i...

Despite that I own some gold related stocks and ETFs. I believe there is still way to go, especially considering the uncertainty about the world currencies.