Excerpt:
Since our initial recommendation in 2007 at USD 650, gold outperformed almost every other asset class. The gold bull market has been running with an annual performance of 16% since 2001. Gold closed the year 2008 with the eighth annual increase in a row. And in the year to date, the performance has been outstanding as well: the gold price has recorded an increase of 7% (in USD) and 8% (in EUR) 1, respectively. The average price in 2008 was USD 872/ounce, i.e. 25% higher than in 2007 (USD 695).

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