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Having risen by a third since the beginning of 2011 and nearly fivefold since 2004, one analyst believes the precious metal is now in bubble territory and an “absurdity”.

“Gold is not money and has no investment yield and in fact incurs carrying/storage costs. With the 10 year US treasury rate at 2 percent and storage cost of 1-1.5 percent this implies an annual opportunity cost of 3-3.5 percent,” said John Wadle, the head of regional banks research at Mirae Asset in Hong Kong in a research note sent to CNBC on Tuesday.


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