Value is a subjective matter. However, when I see Central Banks around the world clamoring for gold and delivery of it, that is good enough for me. They do set monetary policy after all. Actually, GDX and GLD are perhaps the worst way to get exposure to gold. Physical gold has no counter party risk and is no one's liability. You can't say that about paper gold (GLD) or mining companies. MF Global? How did that work out? If you don't hold it, you don't own it. Gold is also money. That is why it is on the books with Central Banks. It is a reserve currency that has been used for thousands of years for international trade settlements. The last 40 or so years are the exception, not the rule. And guess what, we are heading back to the rule. And when we do, gold will have to be priced considerably higher to absorb all the fiat that has been printed over the last 40 years. That is why $50,000 gold is not unreasonable at all.