From what you have described about the grinding noise from your
bike, a new chain is not optional... it is mandatory.
Your bike chain is going to give up soon. Just remember that
grinding sound is coming from your engine sprocket. It is wearing
out because the chain is not sitting snugly on the teeth. Soon you
will not be replacing the chain only, you will be replacing the
sprockets too, and trust me... it is cheaper to replace chains. And
if your engine sprocket is already damaged by a worn chain... it
will damage your new chain real fast.
That is why alot of people always complain that the chain on a new
bike seem to be able to last longer than the replacement chain.
These people need to take a look at the engine sprocket and alot of
them have never looked at them. Engine sprockets tend to rotate 4
or 5 times more than the rear sprocket so they wear out
faster.
What you want with a new touring jacket for??
So you look cool standing on the roadside of the North South
Highway next to your bike with the broken drive chain?? 
