The recent rise in gold prices is only partially justified by fundamentals. Nor is it clear why investors should stock up on gold if the global economy dips into recession again and concerns about a near depression and rampant deflation rise sharply. If you truly fear a global economic meltdown, you should stock up on guns, canned food, and other commodities that you can actually use in your log cabin.[EA]
That's NYU professor and economic commentator Nouriel Roubini. True, Roubini has a reputation as something of a doomsayer, but he is a professor at NYU.
Via Real Time Economics