Fund this fun report interesting as well, looking at performance under different real rate scenarios and i think they sum up the mildly bullish case for gold quite nicely:
In summary, we believe the low but modestly rising real interest rates, combined with prosperity growth in the emerging market countries and flat to declining mine supply should underpin the price of gold over the intermediate term. Additionally, violent market dislocations in exchange rates and equity markets could drive investors back into gold as a safe haven. Given this backdrop, the risk for the price of gold is weighted to the upside over the next 12-24 months
DCN Price at posting:
$2.84 Sentiment: Buy Disclosure: Held