I want to hide the "View All Site Content" link in Quick Launch from the "Visitors" who have read permission only. If the owner logs in they should be able to see the "View All Site Content" link.
Can anybody guide me how we can do this?
I think here is the answer to your question:
It involves wrapping the View All Site Content link in a SecurityTrimmedControl (out of the box control) in the master page and setting the PermissionsString property with the appropriate value.
This solution works very nicely. I have it installed in my environment and use it on many sites. The current version will hide it from contributors as well, but the source is included and could be modified to dial in the level you are looking for.