Jordan Ray-Byrne points to an odd habit of gold skeptics, given gold's ten-year bull market: they always insist that the latest round of bullishness is "an aberration." That's odd coming from Wall Street, which is usually eager to jump on a long-term good thing.
Perhaps it's because gold is seen as taking away demand for stocks (except for gold stocks.) Gold's long-term bull markets tend to coincide with range-bound equity markets. That was true from 1966-80, and has been true from 2001 to now.
Speaking of stocks, Ray-Byrne is of the opinion that the junior exploration stocks have only started to get rolling.