Gold prices will continue to rise over the next few years due to a softer US dollar and growing US deficits.
Commodities investor and broker Rick Rule made these comments to Commodity Online, the Indian commodities website, saying that the reasons for this can be broken down into a number of factors.
He claimed that 2009 may be bad for the US economy as there will be a new president, which may in turn support gold prices.
"Traditionally in the US, a new president in his or her first year in office has tended to make us sick so they can make us well later in the cycle and get reelected," he commented.
Mr Rule added that a shortage in mining output, as well as labor shortages and the prices of diesel and utilities, could all act in support of gold prices.
Finally, he added that a recovery in demand from South Asia is likely to increase demand for the precious metal in the long term.
Earlier this month, the Gold Fields Mineral Service (GFMS) said that the outlook for gold prices remains bullish.
Paul Walker, chief executive of the London-based organization, told the India Gold Conclave conference he is confident that the current economic conditions will act to support gold prices.