Bear in mind, that the masses don't really own much investment gold. I searched & the only stats I could find were from 2008:
World gold holdings (2008) (Source: World Gold Council) from
Wiki
Jewelry 52%
Central banks 18%
Investment (bars, coins) 16%
Industrial 12%
Unaccounted 2%
Gold was ~ $900 in 2008. While these figures have undoubtedly changed a bit, I doubt if the investment figure has changed that dramatically. And the investment figure would include corporate holdings as well as the masses.
With all of the talk about currency wars & virtually every country's current need to devalue their currency (to boost exports), gold is the only hedge.
Ian