Is gold's bull run over?

It's been a while now since gold hit its peak in September 2011. But don't rule out a return to the bull run just yet.

Gold hit a record of $1,920 an ounce in September 2011. Since then, it has drifted between $1,600-$1,800. So has it peaked? And if further gains are in store, what will trigger them?

The overall backdrop remains bullish. Gold remains a hedge against turmoil and inflation, and we could well need the insurance. There are plenty of potential geopolitical triggers for a rush into gold, including wars in the Middle East and the ongoing American budget crisis. The euro crisis could also flare up at any time; the elections in Italy and political turmoil in Spain are additional flashpoints.

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