looks like you beat me to that Martin M article..., he is the best gold analyst there is, IMO.
also, like Don Coxe current viewpoint, and Coxe is bullish in the long term citing:
1) If we get agricultural prices going up at same time as oil, then there will be inflation and very beneficial to price of gold. Food/Ag Prices going up in conjunction with Oil Price has always led to inflation per Coxe and thus VERY good for gold price.
2) Coxe very impressed by physical gold buying of Indians and to lesser extent China. (My opinion, watch those monsoon rains in India, always a key indicator of mine).
Nonetheless, Martin M is cautious short term, thus so am I...
i.e. I find this as cautious since we are at about $680 now:
"On a probability-weighted basis this gives us an average this year of $680, a year-end price of $730 and an average next year of $765."