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It feels like 2011 all over again. Seemingly every day, another group of sell-side analysts jack up their gold price targets as the precious metal continues to show strength.

The latest example comes from the analysts at RBC Capital Markets, who made one of the most aggressive bets yet in the current cycle. They are calling for a gold price of US$1,500 an ounce in 2017 and 2018, about 13.5 per cent above the current level. They expect it to slip back to US$1,300 in 2020.

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Investor demand for gold has been voracious this year, and the RBC analysts predict that trend will continue. They noted elevated geopolitical uncertainty, and higher “systemic” risk associated with declining real interest rates. They do not expect another rate hike from the U.S. Federal Reserve until mid-2017.