Zero Hedge has posted numerous research articles, white papers, hedge fund insights and generally articles, on why gold is likely underpriced (anywhere from 10% to 5000%) in the current environment when the only thing global bankers have recourse to producing in excess quantities is paper with various dead presidents painted on it (and are taking full advantage of that fact). It is only fair to present the flip side. Attached is a presentation by Granite Fund advisors in which the fund's PMs (an ex-Sandeller and ex-Karscher) spend 15 pages to convince their LPs that gold is neither a buy... nor a sell here. Of course, the bearish tone dominates, however if the presented counterarguments for gold ramping are the best the two authors can come up with, and if indeed these are the strongest arguments the gold bear camp can make, then there is truly little holding gold back from record (inflation-adjusted) highs (aside from the JPM/LBMA daily paper manipulation, of course). We may or may not get to refuting the arguments contained herein, although any paper that dismisses a hypothetical $4.5 trillion additional infusion of new money into the market as not likely having an impact fiat currency devaluation, likely stands on its own "merit."
And just to show how confused the Granite gentlemen may be, below is their presentation that states that Europe is far worse than the US. Alas, when accounting for US debt, Messrs. Lo and Minesuk somehow completely ignore (or avoid) the $100 trillion or so of entitlement NPVs that everyone else with a US-bullish persuasion tends to gloss over. Um, yeah - that's money is all too real, and all too missing. Again - we may get to debating this "analysis", although it is quite unlikely.