Gold may be on its way to $2,000 an ounce -- as possibly as soon as this year.
One gold producer told Bloomberg News that China wants to build up its gold reserves so that it has more than America.
He said Russia wants to do the same and he believes the price of gold will hit $5,000 an ounce in three to four years.
"As developing countries accelerate purchases, gold may reach $2,000 an ounce this year, compared with a record of $1,569.80 today in New York," said Robert McEwen, the chief executive officer of producer U.S. Gold Corp.
"China is out to have more gold than America, and Russia is aspiring to the same," McEwen said April 29 in an interview at a Bloomberg Link conference in New York.
"When you have debt, you don't have a lot of flexibility. China wants to show its currency has more backing than the U.S.," he said.
Many analysts are looking for a correction in silver, which it hit a $50 per ounce high last week. But some experts think it will drop as low as $35 in the short term.
They still expect the precious medal's price to rise in the years ahead, though, possibly up to $100 an ounce or more.