Got Gold?

The title of this posting is in honor of a pal of mine who has been asking that question for about two years. For the past several years Gold has climbed out of the 20 odd year abyss it had been in since it's last glory period circa 1980. At one point last year it topped $1,000 per ounce, then promptly dropped 30%.

As it has been clearer and more obvious that the current world financial crisis is not your run of the mill down turn in the business cycle but a more serious systemic challange to banks, insurance companies, stock markets and the currencies of many nations, gold has become an investment option which may prove to be prudent. In a world where not only franchise companies such as GM,AIG and Citi bank fail to name a few and countries are on the verge of declaring bankruptcy, how can gold not be an asset of choice? It's historic store of value, it's use as a standard to give currencies an intrinsic value as well as it's mystical and emotional value to vast portions of the world population give it star quality like no other asset.

I would urge everyone to consider exactly what is going on in America, England, Russia, China and many other major countries. I would suggest that the times we live in are more uncertain financially than ever since the Depression Era. If not gold what?

I would welcome all views.