Gold continues to fascinate.
Purchases of the physical metal have been surging, while prices have been weak.
There are two competing storylines. One posits that developed economies, mired in debt, and trapped in a race to debase will continue to boost gold.
The other story is that a deflationary environment could boost the demand for cash, causing people to sell the yellow medal.
Our friends at Waverly Advisors — which has recently become a research provider to Interactive Brokers — has put together a great deck on the bull case and the bear case for gold.