Gold's bull run 始める，決める to roar ahead

Cashing in: Harrods is now selling gold over the 反対する

On Wednesday bullion's price tag broke 違反d the $1,070 per ounce 示す, 代表するing a staggering 53% rise over the past 12 months.

And Charles Gibson, 長，率いる of 採掘 研究 at Edison 投資 研究, taking 現在の circumstances into account, has 予測（する） a price of $1,900 for gold by 2013.

Since the end of August alone, the gold price has risen by almost 13%. But in the days since Wednesday, it has pulled 支援する to circa $1,050.

The weak dollar, which fell to its lowest in more than a year against a basket of other 通貨s, helped 上げる 需要・要求する for bullion with the price hitting its 頂点（に達する） at 7am on 14 October.

To 追加する to the hype, this week 高級な department 蓄える／店 Harrods starting selling gold coins and 妨げる／法廷，弁護士業s in its famous Knightsbridge shop, 宣言するing that: 'The 財政上の 環境 has kindled a new 需要・要求する for physical gold の中で 私的な 投資家s in Britain.'

Adrian Ash, 長，率いる of 研究 at gold 仲買人 BullionVault, says: 'The significance of Harrods selling gold, shows how 速く it is moving to become a mainstream 投資 something it certainly was not even five years ago.'

見通し: the 事例／患者 for gold

The 最近の new all time high in the price of gold has been 原因（となる）d by the 集中 of a number of important drivers.

落ちるing 地雷 供給（する）, 女性 US dollar, and the 可能性のある for a 削減 in 逮捕する central bank sales will all support prices over the medium-称する，呼ぶ／期間／用語.

But as Evy Hambro, co-経営者／支配人 of the BlackRock Gold & General 基金, points out: 'The 重要な factor, though, will be 投資 需要・要求する - which remains strong, によれば the 最新の data from the World G old 会議.'

And 演説（する）／住所ing an audience in Singapore this week, Douglas Horn of New York's CPM consultancy group, 予報するd a gold price of $1,200 by year-end.

October, however, is typically a bad month for gold: 一般に every year there is a seasonal sell-off, so while it has not yet arrived, it is 予定.

商品／必需品s and 投資 Guru, Jim Rogers, speaking at a 会議／協議会 in New York, said that although he 推定する／予想するs a 是正 and would not やむを得ず buy gold today, he does believe it could 攻撃する，衝突する $2,000 an ounce within a １０年間.

Jim Rogers: Buy gold long-称する，呼ぶ／期間／用語 but beware 社債s

He 最高潮の場面d that the precious metal will continue to run as the US dollar is on its way to losing status as the world's reserve 通貨.

Some 専門家s, such as Gibson, point out that any 是正 could be 見解（をとる）d as a buying 適切な時期. He says: 'I see dangers of a 是正 in the short 称する，呼ぶ／期間／用語. The 合意 is that it could pull 支援する to around £1,015. But if インフレーション 後部s its 長，率いる again, which will happen if 失業 緩和するs and banks begin to lend again, that will 供給する enough headwind for a second 段階 of its bull run.

'And fundamentally 供給（する） will never be able to keep pace with 需要・要求する. In 新規加入, with oil at circa $75, if its stays around that level until next March, that will 代表する a 二塁打ing in the cost per バーレル／樽 which will 運動 インフレーション.'

But Justin Urquhart Stewart of Seven 投資 管理／経営 is not 納得させるd by the yellow metal, pointing out that jewellery sales in India, a prime 需要・要求する driver of gold, are 負かす／撃墜する. He 追加するs: 'The chances of gold roaring ahead are ありそうもない, if the dollar does 行う／開催する／段階 a re covery, bullion may 井戸／弁護士席 落ちる 支援する. It is 伸び（る）ing as a result of hype and 憶測, remember you can't do anything with gold and it 産する／生じる's 無.'

The gold price over the past 12 months:

投資するing in gold

投資家s typically 選ぶ to go for gold for one of three 推論する／理由s; wealth 保護 as it 作品 as a hedge against インフレーション, it is an 投資 大臣の地位 diversifier and for 危険 管理／経営 ? as it typically is uncorrelated to other 資産s.

And bullion has been one of this １０年間's best 成し遂げるing 資産s, 増加するing on 普通の／平均（する） by 15% per 年. There are a number of ways to go about getting （危険などに）さらす to bullion.

? Read our 詳細（に述べる）d guide to 投資するing in gold

基金s

A 正規の／正選手 推薦 の中で 助言者s is the Blackrock Gold & General 基金, 以前 known as Merrill Lynch Gold & General. The 基金 has been around for more than 20 years and 投資するs まず第一に／本来 in the 株 of gold 採掘 companies.

Blackrock's Hambro, the co-経営者／支配人 says: 'The best way to get （危険などに）さらす to this 傾向 is through gold 公正，普通株主権s, rather than gold bullion. They are now starting to 生成する てこ入れ／借入資本 to movements in the bullion price, something which had been conspicuously absent in 最近の years. As cost p ressures 穏健な, and gold prices rise, we 推定する／予想する gold 採掘 companies to 成し遂げる 井戸／弁護士席 and 配達する 重要な returns to 投資家s.'

Another experienced 経営者／支配人 in the 部門 is Ian Henderson, who manages the JP Morgan Natural 資源s 基金. The 大臣の地位 投資するs in companies globally engaged in the 生産／産物 and marketing of 商品／必需品s and 現在／一般に has some 34% of its 資産s in gold 関係のある 投資s.

交流 貿易（する）d 商品／必需品s (ETCs)

Aside from buying bullion itself, ETCs are the most direct 大勝する into the precious metal. ETCs like 交流 貿易（する）d 基金s, 跡をつける a particular 部門, or indeed in this 事例／患者 商品／必需品. Like a tracker 基金 they are passive 投資s ? they 単に mirror the direction of the 索引 or 部門 they are 跡をつけるing. So with a gold ETC, your 投資 will rise and 落ちる with the gold price.

Bullion and coins

需要・要求する for physical gold in the form of bullion and coins has been 抱擁する in 最近の years and 頂点（に達する）s as the gold price rises. If you choose to 投資する this way then make sure you only do 商売／仕事 with a reputable 売買業者. Check on the World Gold 会議s ? 'Where to buy directory' which can be 設立する on its website at gold.org and the London Bullion Market 協会 members 名簿（に載せる）／表（にあげる） which can also be 位置を示すd online at lbma.org.uk.

? How to 投資する in gold coins