He left out some very important factors.
First of all, gold is money more than it's anything else. Other than paper nothing else is used as a representative of money and dollars (and foreign dollars) and these dollars are still being used in coinage as money.
Second, every factor mentioned in the article will drive gold up.
Thirdly, over or under bought or sold is not the question. The question is, what has value and will increase in value. Not the stock market, not bonds. This leaves only gold. AND, no one needs to be educated about it's value. Many had to be educated about it's no value and that's doomed to failure. Bottom line, it's really nice stuff to have regardless of what anyone says.
Fourthly, it is a very nice alternative to store one's savings or wealth in. The dollar, stocks and bonds are the wrong thing at the moment. Soybeans, corn, wheat, sugar, oil are pretty difficult to store your wealth in. And people worry about how to handle gold. Sheeeeeeze, gimme a break.
Finally, nothing else will compare until stocks are in a buy low sell high situation (price is really below a sane P/E), Greenspan and the FED stop inflating the supply of dollars, deflating its worth and finally bonds wring themselves out of their low yield in conjunction with the FEDs swearing they will not buy them to monetize them and keep interest rates down. ANY BODY SEE THESE THINGS HAPPENING SOON ??????