wah Covillea dai kor, after reading ur post ...  i still need to read ...  and keep reading ...  and still dont understand ... 
how can i interpret when u said "today the same 1 oz can can only still buy you a bread. the oz of gold didn't change. but the value (price) of gold changes." i think think think and think also cannot understand .. 

ok let me share u my limited knowledge .. gold is not an easy subject .. the definition/topics requires expert to explain ..
1000 years ago .. wah so long ar .. haha .. okay my "sejarah" taught me the first trade was sistem barter .. where one bread, u can get one egg ... one bull can get u one prop .. that time gold is useless / not known yet ..
then gold is introduced as a measure to improve the trade system .. everything was benchmarked against gold, functioning just like our money..
realising supply of gold is limited, hence paper currency is introduced pulak .. now this is where thing gets more complicated ..
although our money being printed out, it still needs gold to be backed-up .. meaning if a central bank needs to print out that much of money, it needs to have that certain gold reserve .. then as the economy develops further, more gold is needed but due to limited supply, bank found a way to print more money by creating bonds and this will not require gold as back-up .. so that's where the problem arises .. US has overdone this and what we call as US debt crisis because all this bonds need interest to be paid .. and that interest alone is too much to bear .. so why gold increase ? that's because bank deviate from using gold as back-up, hence printing more money where supply is abundance .. now in view that currency crisis to happen soon, gold is in high demand as it is still being portrayed as the origin of money ..
now regarding zest pulak ... actually i cannot see the relation of gold increase and zest increase la .. gold increase is due the reason above and 99% not because of inflation .. definitely not due to 117.4% increase due to inflation ..
now define inflation .. inflation is computed from a set of parameters and definitely gold as a commodities is not in the equation .. dont confuse ppl with ur gold increase hence zest increase la .. where u get ur economic sense one ..  u have to pass my stage to get thru ..
okay if u want to relate inflation and property then ok la .. but my question is why zest ? any prop can apply the same reasoning ..
basic of economic always tell us price is determined by supply and demand .. so dont tell me the real value of zest is determined by increase of gold price ..