Some financial buyers, such as hedge-fund manager John Paulson, have jumped into the gold market enthusiastically. Paulson has invested about a third of his $19.8 billion portfolio in gold, including nearly 16% in the SPDR Gold ETF, according to the most recent SEC filing.

Paulson also owns stakes in gold miners AngloGold Ashanti (AU), Kinross Gold (KGC), Gold Fields (GFI) and Market Vectors Gold Miners (GDX), a mining ETF.

Paulson also owns stakes in gold miners AngloGold Ashanti (AU), Kinross Gold (KGC), Gold Fields (GFI) and Market Vectors Gold Miners (GDX), a mining ETF.

Paulson also owns stakes in gold miners AngloGold Ashanti (AU), Kinross Gold (KGC), Gold Fields (GFI) and Market Vectors Gold Miners (GDX), a mining ETF.

Paulson also owns stakes in gold miners AngloGold Ashanti (AU), Kinross Gold (KGC), Gold Fields (GFI) and Market Vectors Gold Miners (GDX), a mining ETF.

Bridges, the JPMorgan analyst, has an Overweight recommendation on Newmont Mining (NEM) and expects the company to earn $2.28 a share next year, based on Morgan's gold forecast of $950 an ounce. If gold stays around $1,000, Newmont could earn $2.86 in 2010, 25% more than his current estimate. Gold mines have high fixed costs; almost every dollar of sales above them falls straight to the bottom line.

Fred Hickey, editor of the High-Tech Strategist newsletter and a member of the Barron's Roundtable, became a gold fan about a decade ago when he realized the technology bull market was ending and he began looking for a new bull market. Hickey likes gold companies with no exposure to South Africa or other countries that might try to nationalize assets. He also likes miners with growing production and earnings, including Goldcorp (GG) and Yamana Gold (AUY).

Fred Hickey, editor of the High-Tech Strategist newsletter and a member of the Barron's Roundtable, became a gold fan about a decade ago when he realized the technology bull market was ending and he began looking for a new bull market. Hickey likes gold companies with no exposure to South Africa or other countries that might try to nationalize assets. He also likes miners with growing production and earnings, including Goldcorp (GG) and Yamana Gold (AUY).