a perfect storm for gold?

Perfect Storm Sees Gold & Silver Surge ? Chavez Gold Action Leads to Backwardation, Short Squeeze and ?Havoc? Concerns
By: GoldCore

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I am not an expert on precious metals, but I found this article illuminating. Although words like ?havoc? are alarming, I found it gave me some understanding of 5 factors in a possible ?perfect storm? for precious metals (especially, gold).
To paraphrase and in the light of these 5 factors, ?JP Morgan?s call for $2,500 gold by year end does not seem that outlandish given the fraught financial, economic and monetary conditions today?.
Note to readers, as always, DYOR and ?I know nothing of any certainty?. However, it seems to favour a bias to current or near-term gold producers in the immediate term.

1: Gold is a safe haven against currency debasement, meaning one might expect increases in gold prices if currencies continue to be debased. US and European economies should be watched, especially if new debt is used to pay for current debt.

2: Venezuela, deciding to repatriate their physical gold reserves from London to Caracas, could be a trigger for other mid-tier central banks, concerned about dollar and currency debasement, and possible expropriation of their gold reserves by embattled and larger debtor sovereign nations. Suddenly, your position in the queue for physical ownership of your bullion becomes important, especially as there may/will not be enough supply in the short term. Defaults by bullion banks cannot be ruled out.

3: Physical bullion markets are small in size versus the size of overall financial and currency markets, adding to the sensitivity of physical gold to weakness and volatility in financial and currency markets.

4: There is a phenomenon called ?backwardation? whereby near term contracts (e.g. for October 2011) can trade at higher prices than longer term contracts (e.g. for February 2012). There is some evidence of this happening now as players move to secure supply, and some newsletters are advising investors to buy ?nearer gold? and sell deferred bullion futures.

5: Behaviour of macro hedge funds
UBS is quoted that macro hedge funds have been noted buyers of near term futures recently (week ending August 19). The funds may have been waiting for a correction to buy gold, but due to concerns of the market moving away from them, have decided to buy now.