To speak in Ron Paul's words: this can only be confirmed once the Fed has been properly audited.

And then still - there are over 1 billion Chinese and over 1 billion Indians, to replace fiat money would mean that people in those two countries alone would have to pay with gold dust. There is no way gold can ever replace fiat money and estimating the value of gold is therefore pure fiction.

Fact is that it all doesn't matter. Gold is for preservation of wealth, not for quick profits. Once all the worthless fiat paper of this time have disappeared (as happened to any currency in history), then you will be proud to own physical gold for obvious reasons. QE2 is here to stay until paper money collapses, I can guarantee you that. Paper money will collapse because there is simply no way back. Look at Japan's interest rate cut to 0%, who will follow?