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Gold Bugs, Not Bedbugs, Found In NYC

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There has been a scare of bedbugs crawling and biting their way through Gotham, but another type of bug has now also converged in New York City to less fanfare: gold bugs.

According to reports, a small swarm of these bugs recently came together at an East Village bar, there to mingle with fellow supporters of Texas congressman Ron “Firebomb the Fed” Paul.

At the bar, fans of the yellow metal discussed their romance with the barbarous relic. Meet Cris Rodriguez, a 29-year-old NYU graduate who works in music production. Every three months, he now scrapes together enough money to buy coins directly from gold dealers in Manhattan.

"I don't have a tremendous amount of money to invest but I'd rather start off as a base owning the physical gold," Rodriguez says.

Of course, from a contrarian point of view, such headline-making stories in the popular press can amount to reasons for worry. But, so far, betting against gold has proven a bad gamble: gold is up 16% this year. Today, gold is at a new record high of $1,276.

Looking ahead, gold may rise as high as $1,500 next year, according to the median in a Bloomberg survey of 29 analysts, traders and investors. Dan Brebner, an analyst at Deutsche Bank in London who is the most accurate forecaster so far this year, says the metal may reach $1,550.
POSITION:  No positions in stocks mentioned.