Hard Asset Investor's Brad Zigler is also somewhat undecided on the subject. Though he leans toward inflation, he acknowledges that very strong deflationary forces are also in play.
Though you know that I'm one of the lonely souls in the deflationary camp (along with many readers!), I also am not 100% sure of which way things are going to unfold.
But that's OK - that's why we follow the trend! Ultimately, the market will be the final arbiter of this debate, and there's nothing we can argue today that will change what the market is going to do.
So, grab your position, but by all means, be flexible and ready to change if we're proven wrong. Personally, I'm watching the stock market, and the dollar...especially the dollar. If it takes out it's old lows, that would indicate a serious flaw in our dollar rally/stock tanking scenario.
That looks unlikely right now, though, as the dollar looks to be at the start of a major rally.