If the need for more monetary stimulus implied by the Fed study results in "QE2" (more securities purchases by the Fed), it would further amplify concerns about monetary stability. Gold would likely be the primary beneficiary. We have already shelved our price targets for gold. Given the need for easier monetary policy across the developed world and little opportunity cost for holding gold, we are struggling to figure out what prevents gold prices from rising further.

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Excuse me? All these JP Morgan folks have to do is look at a CFTC report (oh I forgot, the CFTC stopped that info from getting out) and notice how short their own firm is when it comes to gold and silver. It is JP Morgan, at the behest of the US Government, who is preventing gold from going to where it ought to be.