When I look at any company, I can place a value on it since it has cash flows that can be traced back to its operations. If I elected to find the true intrinsic value of gold or any other commodity for that matter, where would I begin?! If there is no way to find a fair value for a good, then how would I know whether I paid too much or too little for it? This is the question I pose to people who speculate in owning gold. You may be making money in gold right now, but those who look back in history will see what has happened to gold, inflation adjusted, over the past 100 years; it always reverts back to the mean. This is why I don't invest in gold and any other commodity outright and would like anyone who owns commodities to think about owning a low-cost producer in an industry instead of a commodity itself.