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Is the Gold Cap a Real Thing?

Tracking the talk about the gold cap is hard. It's been around for a very long time, since back in the early days of vanilla wow when a few players learned an exploit that would let them appear to have hit an artificial cap (even though their gold was really the same as always). Others data mined the formulas and found out that the math has been capped in there somehow.
No one knows why, but it appears that the artificial cap of 214,748 gold is a real thing and one that, when you hit it, will not allow your character to carry any more gold. Now, the real question then is how did anyone actually hit this cap and what can you do to do the same thing.
The first talk of hitting the gold cap occurred back in the days of The Burning Crusade. Back then, 5,000 gold was considered quite the stash, so it's understandable that few people would believe the hype behind having hit the gold cap. Some people even said they had done it more than once – something that was rather hard to believe.
However, in the inflation heavy days of Wrath, it has become far easier to believe that someone could have hit the gold cap, maxing out the total gold that they can carry with them at any point. After all, players can spend 20,000 gold in one sitting just for a mount or for a pair of leggings from the 3.3 patch. The cost of things these days is through the roof. By the time Cataclysm hits, who knows – Blizzard may even need to raise the gold cap to accommodate the huge chunks of cash that people seem to be able to hoard (and then spend).
Regardless, there is a new guide out there called Hit Gold Cap that is claiming to help players hit the gold cap. It's a very interesting idea and one I'm prone to believe due to the way the economy works these days. What do you think? The real deal or just another gold guide?

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