Leaving aside the issues of whether or not there is such a thing as intrinsic value (I would argue there isn't), any industrial/jewelry/etc uses of Gold would p

Leaving aside the issues of whether or not there is such a thing as intrinsic value (I would argue there isn't), any industrial/jewelry/etc uses of Gold would put a floor on it's price of something in the low double digits per ounce, if that. This just means for Gold, you effectively have a Put option for a very small percentage of what it's currently trading at, instead of 0% of what it's trading at.