[Spoilers] I can almost guarantee you that Gray isn't dead.

SonictheHedgehog

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If he is dead, Hiro will find some way through plot to get him back. For now he's serving his purpose, which is to enhance battle skills of the people who "lost" him

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Remember what happened the last time someone hurt Gray severely?

Sadly, I doubt Hiro's anywhere near ready to make this manga have dark and serious moments. The chances of Gray actually being completely dead are low. If Gray ends up being dead for good, and not coming back at all, I will make hearts after all of my posts again.

:(
 

The7thHokage

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He is my fav, but if Hiro decides to revive him, then that will define BS.

But i cant wait to see Jubia's reaction, and what "power up" due to the trauma will she get
 

BladerItachi

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3 simple reasons why Gray won't be dead:

1) He is badass and an important character... - Seriously, you are telling me fodders like Jet and Droy are living over him

2) Ultear monologue - It's so obvious that Ultear will be the one to save him and since the next chapter is Arc of Life... Remember she has a Time arc magic sooooooo... since she wants to repent her sin this might be it

3) HE IS NATSU's RIVAL - Can you imagine how much raged up Natsu is gonna be compared to even Juvia if his rival dies here now!!!
 

KGB Kakuzu

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He lost his heart and brain. He's done.

Now naturally Ultear, another go back in time, or some mystic water from Juvia will save Gray.
 

Hollow9tailsEye

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I was just about to make this same thread lol u beat me to it. But yea I also don't think he's gonna die. It's probably like the scene with Sasuke and naruto in the first part where naruto unleashes a bit of the kyuubi's chakra when they fought Haku. He'll b back if not natsu is gonna loose it.
 
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