If you rely upon the manipulators at the FED, CME, and CFTC who program Americans into believing that gold is not only a commodity, but a bubble that has reached its peak, then all you need to do is look outside the confines of the United States to realize that nearly every country East of Moscow believes gold is money.
New and recent charts show that not only is China buying gold in massive quantities as deflation drives down the price in the West, but they appear to be buying it in preparation for a new global currency to replace the dollar, and in their minds, that currency will be the Chinese Yuan.
One year goldcore/bloomberg chart on Gold purchases in Yuan/Renminbi
So while Europe and the US burn under a new liquidity crisis, China is moving their chess pieces into position for the future. And they see the future in a gold-backed Chinese currency, not the fiat dollar or Euro.