Here is my take - and I am not trying to put words in anyone's mouth but if you look at the bottom graph, the rate that governments are stockpiling gold maybe unpresidented and has the potential to go logrithmic. Once they all lose faith in the fiat system, governmnets will gladly trade paper money for gold knowing that inan armagendon type situation gold is what will back the currency in the future.

We will find out what happens in a year or so if this demand exceeds the decline in purchases made in gold jewlery.