I'd be more willing to believe these commentators about the fundamentals if they could provide some statistics and facts to back up their assertions. Just taking the first reason given for investing in gold as an example ie. supply and demand:
http://www.sharelynx.net/Charts/wwgp.gif shows world gold production has doubled in the last 20 years. It's been overdue for a rest if the last 200 years is any guide.
Lack of 5 million oz deposits? AUG has a 6,000,000 plus oz, low mining cost deposit it's trying to sell for a reasonable price and has so far been unable (it should be worth a small fortune to them if they can achieve a sale). There are a stack of previously marginal and mothballed deposits around the world which could be brought back online fairly quickly.
Demand from India is dropping and Japanese uptake has been minimal. The U.S. $ is at the mid-point of its range for the last 20 years and is still above the level of last September, as is the stock market.
http://www.softwarenorth.com/trading/commitmentscurrent (GC) shows the producers were interested late last year when the gold price was lower, but are now dumping at increasing rates.
As for stock demand, there is no question whatsoever that especially U.S. speculators and panic merchants have been piling into gold shares like the world is about to fall apart. It's proven to be a very powerful force in the stock market, especially for the U.S. stock with the catchy code GOLD http://bigcharts.marketwatch.com/quickchart/quickchart.asp?symb=GOLD&sid=743539&o_symb=GOLD&freq=1&time=8&x=21&y=18
