Gold has broken records day after day recently, and many investors think the yellow metal has only just started its rise, according to Bloomberg.
The precious metal has been on the general uptrend since 2008, but it saw prices spike to record levels earlier in the year in the wake of the earthquake in Japan. The catastrophic economic impact of the quake, combined with rising debt concerns in Europe and unrest in the oil-producing Middle East and North Africa, sent gold to new heights on an almost daily basis as investors sought a safe haven.
While some of those concerns have eased, spreading debt problems in Greece and the debt ceiling debate in the U.S. have renewed worries about the world economy, pushing gold to a new record price of $1,610.7 per troy ounce. This represents a more than 15 percent increase since the beginning of this year and a more than 45 percent increase since the start of 2010.
While the prediction is unorthodox at the least, Bloomberg reports that analysts at Standard Chartered expect to see gold hit as much as $5,000 per troy ounce by the end of the decade, reaching $2,000 within the next two-and-a-half years.