Basically, I still think it's buy. See here. In fact I think it's even more undervalued than when I did my analysis a year ago.
FYI, the ABT (Abbot Laboratories) calls in CAPS are now fixed. They now accurately reflect they performance of those who had made calls prior to the AbbVie spinoff.
So for a number of years I have tangled with TMFSincheruna (Christopher Barker) about the merits of gold, in a variety of respects. I have been a longstanding believer in equities, and that the Fed's actions are not "unprecedented" but are a 1940's redux, that the world will not end, etc. At one point in early 2010 I told him PM would beat gold. Since at least once in the intervening time period Mr. Barker has reminded me that GLD was beating PM, I feel I must say that since the beginning of our informal wager, as of now, PM is crushing gold. It's not even close. And that's just the stock price of PM, not including the massive dividends, and certainly not including the even greater impact of reinvesting the dividends. So, right now, I'm winning. I continue to expect to do so. [more]