Gold has been lacklustre this year, but some high-profile fans say the future is brightening. After soaring to an all-time high last year, gold prices have dropped 13%. Gold has crept higher in 2012, though it has lagged behind stocks and some other commodities.

But some investors, including Pacific Investment Management Co and hedge-fund managers John Paulson and George Soros are doubling down on gold, while others are trumpeting bullish forecasts.