This from a Bloomberg story shows that even PIMCO likes gold -

Spearheading Pimco’s push into equities is EqS Pathfinder, a global fund the firm launched in April that buys undervalued securities, mainly in Europe. Its only U.S.-based holding in the top 10 positions is SPDR Gold Trust, an ETF that buys gold. Most of Pathfinder’s major positions -- British American Tobacco Plc, French foodmaker Groupe Danone SA and Hong Kong-based Link Real Estate Investment Trust -- derive at least part of their earnings from emerging markets. Pathfinder, which had attracted more than $500 million, declined 1.7 percent in the month ended on June 7, beating 96 percent of similarly managed funds, according to Bloomberg data.