I agree that FSO is a bit "gold buggy" but gold has moved considerably from 2001 ($255/oz) to the present ($560 oz) and its not "jewelry" demand.
Certainly gold has done very well lately after being in the tank for 20 odd years. But FSO tends to push doom more than they push gold, and their doom is where they have been way off. When the DOW diped to about 7500 a few years back, all we heard from FSO was how the DOW was headed to 5000. I