Not only has global gold production stagnated over the past decade (how many other “currencies” have achieved that feat?) but the demand from those with the deepest pockets, namely the Asian central banks, is intensifying. Gold now represents a mere 2% share of emerging market central bank FX reserves compared with over a 10% share globally. These are the regions whose FX reserves are expanding the most (adding an estimated $800 billion in the past year). China, for one, has added 450 tons of gold to its cache over the past two years.

The reality is that greenbacks still make up 75% of the $5 trillion of FX reserves managed by emerging Asia central banks. Yet in terms of “flows”, dollar accumulation at the margin is down to 30% as these monetary authorities seek to diversify their holdings ... and gold will continue to be a big beneficiary from this re-allocationprocess and an ultimate move to $3,000 an ounce in coming years cannot be ruled out at all.
More commentary as listed below

http://www.moneytalks.net/pdfs/DR010410.pdf

This was a very comprehensive 17 page report that I had no trouble following and understanding the writers points of view. If you have the time I recommend the read. If you are only concerned about opinion on gold no need to read it as I posted the relevent segment above.