As the U.S. dollar drops in worth on world markets, more investors and foreign governments are turning instead to gold.
"The U.S. dollar is being hurt by the continued talk of a shift away from a dollar-centric world," Kit Juckes, an analyst at currency traders ECU Group, told AFP.
Both gold and silver have been steadily rising in recent months, with gold hitting new highs of well above $1,000 an ounce.
Some analysts believe the move to gold still has a long way to go. But some even speculate that gold could possibly go above $3,000 and maybe as high as $6,000 an ounce. Others say that forecast is just fantasy.