Gold investors have been suffering through five years of declining prices, which peaked in 2011 at $1,900 an ounce.
But, with gold up nearly 20% since the start of the year, could this be the turning point?

Coming back from two back-to-back shows, the BMO Capital Markets annual conference and the Prospectors and Developers Association of Canada (PDAC) annual mining haul, the mood is bright. Most analysts agreed that this is a key turnaround for gold and not just a nice bounce from the Chinese Lunar New Year. The metal is currently up nearly 20% so far this year. Famed market-watcher Dennis Gartman told CNBC this week that investors should not sit out on the rally. "The trend is up, the trend has been up for the last several months and I continue to think that as long as the monetary authorities are going to remain as expansionary as they are, [this trend will continue]," the editor and publisher of The Gartman Letter said in an interview with CNBC's "Futures Now" on Thursday.

Some, like veteran gold investor Rick Rule, are still on the fence. The ‘real move’ in gold is yet to come, he told Kitco News on the sidelines of the PDAC.

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