With governments from Europe to America piling up debt, investors have been getting out of paper currencies and moving into gold.

The yellow metal set yet another record high Tuesday, crossing $1,250 an ounce before closing at $1,244.

According to analysts, gold continues to climb, because of the debt crisis in Europe and the decline of the euro.

"With confidence in paper currency systems badly shaken in the financial crisis, gold, it seems, is reasserting its old role as the ultimate debt-free money," a new report by UBS AG read. "Our gold model also indicates that concerns over the future of major monetary systems are becoming visible in the price of gold."

Some of the world's top investors have been buying gold and many analysts believe its record run is far from over.

"Against a broad basket of all major currencies, we note that gold's value has remained remarkably stable over long periods of time," UBS said.