Burning rubber smell under hood

I'm wondering if my serpentine belt is rubbing on things it ought not to. I changed the belt 12K ago at 47K. I've inspected the belt and it looks fine. Any other ideas?

Thanks

anything rubber that is close to the exhaust.
Including but not limited to:
O2 sensor harness on downpipe
Clutch hose (if 5 spd)
All vacuum hoses on that side of the motor
wiring loom on the fender.

If you really suspect that it's the belt look for glazing on it, and check that the idler pulley is not seized.

Funny, my brother-in-law said the same thing to me after I just sold him the XJ. He says: "Gee, I smell rubber from under the hood, I don't see any problems". Turned out, the a/c compressor granaded. Very expensive, I bought.