Working.

The only way Perry could get the price down to ten K would be a subsidy.
The students still would not have jobs at graduation.


http://krugman.blogs.nytimes.com/2011/09/06/treasuries-tips-and-gold-wonkish/

"OK, none of this necessarily rejects other hypotheses about gold; in particular, there could be a bubble over and above the Hotelling aspect. But the crucial message is, I think, right: If you believe that gold prices are signaling an inflationary threat, I have to tell you, I do not think that price means what you think it means."    P.K.


I certainly think it is mostly bubble.
I read on the gold trade thirty years ago.  Most of the demand then was India
doing Dower jewels.  The Saudis must be buying.   It spent a long time near $200./oz.
There is always a steep inflation at the end of a war.  This is a war without production. 
What a mess.  I will get it figured out.

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Gold price history in 1960-2011 showing the Silver Thursday event in 1980