Mish at Global Economics Trend Analysis has written this commentary
about gold investing. He maintains it's no more speculative than investing in anything else. He's not a big gold fan, and he thinks it's "prudent to own some gold, but no more than you can sleep with."
Another interesting commentary
is from Allan Roth which describes predictions from an "industry expert" who thought gold will hit $3,500 an ounce in the next two years. However, this prediction was written in 1980. It's interesting to read of the similarities of what the "experts" are saying today vs. back in 1980.