I think they're too scared to let it go, the consequences are significant, to say the least. I keep hearing rumors that the ECB will lend money to the IMF, who will in turn lend to the PIIGS, which gets around the legality of the issue. I also suspect the FED would step in if absolutely required.
I think the reality of whether gold goes up or down initially is anyone's guess, it could cut either way in the short term, however medium to long term, there's nothing else I'd rather own. In my meager opinion, time is now too short to worry about buying at the absolute best price, it's now a question of how many ounces do you own.
Good article BTW.