Did you miss the boat on gold?

October 2, 2011 

Last week, gold saw a three-day drop and even slipped below $1,600 an ounce - a pretty long fall from its record $1,921.15 on Sept. 6.

Does that mean the gold rush is over? Not necessarily, some analysts say.

"When the market gets very panicky, they sell everything off, and they go for cash and Treasuries because that's really the largest market where you can park your money," Gijsbert Groenewegen, a partner at Silver Arrow Capital Management, told Bloomberg News. "It's a great opportunity to accumulate more gold and silver."

Gold managed to regain some momentum by the end of week as investors again sought a safe haven, closing Friday at $1,622.30.

Not a bad price if you just want to raise some spare cash by raiding your jewelry box.

However, if you're looking at gold as an investment, be aware that most advisers consider gold volatile, and analysts are divided about what to expect in the days ahead.

In a Bloomberg survey of 35 traders, investors and analysts, 20 said gold will rise next week, six predicted a drop, and nine were neutral.

An even more bullish prediction came from AngloGold Ashanti, the world's largest producer of gold, based in Johannesburg.

The company's CEO told reporters last week in Brazil that gold may trade at $1,700 to $2,200 an ounce next year, according to Bloomberg News.

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