The demand for gold (and hence its price) is not driven entirely by its monetary usefulness because it has other uses such as jewelry and electronics. But a non-trivial fraction of its price comes from its usefulness as money. How big is that fraction? Let's be conservative and say it's only 25%.
I'd say that, at actual price of US$ 1600, 95% of the price is monetary usefulness. Remembering that copper has a better conductivity than gold.
Yeah, that's kinda what I figured, but like I said, I wanted to be conservative. I'm not one for making outlandish claims. And if I'd suggested that each bitcoin should be worth $3.5 million instead of $950,000, some people might have dismissed my post as crazy.