Without attempting to start any kind of argument, I'd just like to point out about four assumptions inherent in your post:
1: Folks who bot gold at $311. should be BUYING MORE, not selling, because it means they can withstand a terrific price hit. The best traders average UP. If you yourself can't imagine who'd buy gold here, that doesn't mean such people don't exist.
2: When you say "who will buy" do you think that, for example, you can get into the heads of Iranians who could quite legitimately fear a US attack? Those Iranians who are in a position to have doubled their oils revs are in essence buying gold at $315 right now. And there's plenty more buying power coming out of the ground every day. How about the Chinese & Indians who have thousand-plus year histories of revering gold? We've put gobs of money in the hands of the Chinese in recent years. Dumb of them to put 5%-10% in gold?
3: Whether or not the AM dial is loaded with gold ads is just a function of who thinks they can make money on what. I think folks are idiots for buying Britney Spears CDs, but we both know that two days sales' of Britney's latest is probably more money than I'll see in my lifetime. The average investor is nowhere near the gold market. Folks are generally entirely unaware of it. That will change over time. There is enormous room for more "suckers" to pile into the market.
4: With the doubling++ of real estate in almost every civilized nation in the past few years, my view is that folks could be buying gold, instead of ANOTHER big screen or ANOTHER condo to try to flip and have significantly less downside than with either of those options.
Gold has plenty of room to run. IMHO.
I like the way you think!