Is the long bull market in gold finally over?

There is now ample scope for some big moves in the price of gold in both directions in the coming years. If the crisis in Europe is indeed past its worst and the US economy improves enough to allow the Fed to start preparing to raise interest rates, gold might be back at $1,000 per ounce before too long. But even though we are lowering our forecasts a little, we still expect gold to climb to reach a new record high of $2,200 as fears of EMU break-up surge again and US monetary policy has to remain supportive.