Why Gold is Gold and where is it heading?

I hear lot of people talking that, why Gold is so precious, why people talk so much about it when it is just like any other metal from earth!!! Apathy is I have heard even some of the most intelligent people and Gold Traders talking this. Let me through some light on it.

Gold is precious because of its stable chemical properties.

Let me clear few points about why Gold enjoys the status of Gold!

Gold is among the least corrosive among the metals. It is most malleable and ductile metal. 1 ounce (28 g) of gold can be beaten out to 300 square feet. Gold kept at home for 100 years will weight almost same.Whereas, other metals like iron will corrode and lose weight as well as properties. We need to keep iron etc polished to save it from corrosion but not gold. This was one of the important reasons of Gold being chosen as the reserve currency in old times and even today.

There is no other stable metal that can replace gold.

Now coming to Gold bubble.

Gold has tried to cross $1000 level and has formed triple top. It is slipping of its support bed and level of $875 is very important. If Gold breaks this level, then it can head further down. However, if by any chance Gold crosses $1000 (very distinct possibility in near future), then we can see a new era Gold prices.

Hope it helps on knowing why Gold is Gold.