Investors have found their long lost love this year. Goldbugs are all out again. Since December last year, investors have started pouring back to gold pushing demand for ETF gold to almost 500 tons. Since its bottom,the gold price has risen more than 30 percent in the course of months.

We at FxWirePro has been long in gold since $1060 per troy ounce and expects the yellow metal to reach $1520 first and then to $1670 per troy ounce.

Chart courtesy - Javier Blas, Bloomberg