"There are no inflationary pressures in the US economy. Capacity utilization remains very low around 60% and there is no wage push at all with high unemployment, currently just under 10% and headed above 10%. So in those circumstances the US will not be generating any inflation for any time soon."
"I think further more that gold will get very dangerous within a year from now. When rates start going up, it becomes very expensive to hold a non-income producing asset. So though gold has positive momentum for the next few months, gold is a dangerous place to be when rates start turning up. As they will in a year or two's time."
He believes Treasuries are less dangerous because in a deflationary environment, where growth is slow, rates can remain low. He thinks 2-4% could be a new range for the next few years.
I'd prefer to just watch the charts.. Just in case Einhorn is right.