from a citi research paper:"We continue to believe that Gold...

from a citi research paper:

"We continue to believe that Gold could well repeat the same percentage bull market
as that seen between 1976 and 1980 which was a rally of 764%
• Such a rally again would target a move as high as $2,200
• CAVEAT: We fully recognize that a huge leg of the move to the January 1980 peak
took place as a consequence of a material event i.e. The Soviet Union invasion of
Afghanistan on the 24th December 1979. However one might argue that that just took
it to where it was already going except more quickly.(Between the 21 Dec 1979 and
21 Jan 1980 Gold went from $487 to $873- 79% in just 1 month)

Bottom line we continue to expect Gold to act more like a monetary instrument
than a commodity in 2009 and likely remain an outperforming asset as central
banks of the World adopt an aggressive reflationary stance. While good support is
now close by on crude, even if it holds we would expect Gold to continue to
outperform."