But we're just some pseudonymous blogger.
If anyone has a reason to be biased against gold, it's a bond manager. Bond managers seek real returns from positive interest rates on bonds based in a sound currency. So if the world's biggest bond manager suggests you should consider gold, you would be wise to listen.
And here is that very bond manager, PIMCO:
We believe investors should consider allocating gold and other precious metals to a diversified investment portfolio. The supply of gold is constrained, and we see demand increasing consistent with global economic growth on a per capita basis. Regarding inflation in particular, we feel that the Federal Reserve’s decision to begin a third round of quantitative easing makes gold even more attractive.
We see the Fed’s actions in the wake of the financial crisis as a paradigm shift whereby the Fed is attempting to ease financial conditions and encourage risk-taking by increasing inflation expectations. Its policies will likely result in continuous negative real interest rates because nominal rates will be fixed at close to 0% for the foreseeable future.