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"It took longer than almost anyone expected, but gold prices finally caught fire on Thursday and rose a breathtaking $70 an ounce. And according to Citigroup Global Markets analyst John Hill, this may just be the start.

Mr. Hill wrote:

Gold is finally displaying classic safe-haven attributes and de-coupling from other commodities, after being held down recently by de-leveraging, distress selling and dis-inflation.

Mr. Hill figures those are short-term impacts that masked the the strong physical demand for bullion.

Mr. Hill wrote:

Gold appears to be entering a powerful new phase of investment demand tied to safe-haven and monetization themes.

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