I'm a little jealous of those traders that held their positions as I sold all mine some time back but I still made some money on it and think I can do in the future. The price rise is pretty simple really as far as I can see and stems from two reasons. Firstly, the middle-east is looking dodgy again so investors are looking to safe, solid investments. Secondly, the Feds in the US seem to want to continue with the quantitative easing programme (printing money) so again, people like to invest in something more solid instead of bonds etc.
I'm reading a book at the moment by a guy called Mark Shipman - it's called 'The next big investment boom' and it was written around - 2006-2007:
http://www.amazon.co.uk/Next-Big-Investment-Boom-Commodities/dp/0749445777
It's a pity I didn't read it a couple of years back as the author recommends buying commodities, particularly, gold and oil!
He was absolutely spot on. This is the second book I've read by him - he has another one Big Money, Little Effort which is quite good too - it's basically a system for trading the Indices using moving averages and I've used it with some success.
It's hard to say how high oil and gold will go this year. Some analysts are predicting that oil could even go near $200 per barrel - this would surely bring the western world back into recession and God knows how Ireland would manage to deal with that!
Gold weekly chart:
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