If you think jewelry is what gives gold most of its value you are a little confused.

I don't believe I said that. My comment was a glib attempt to imply that gold has other uses aside from being a token of purchase power that also contribute to its worth/cost: jewelry, manufacturing, electronics/microprocessors, I believe even some lubricative uses in aerospace, pigmentation, medical, and probably many others.

What's your point? Bitcoin has other uses too, eg: http://proofofexistence.com/