The Globe and Mail reports in its Saturday edition that gold's fresh upswing has taken markets by surprise. The Globe's Ian McGugan writes that after four years of declines, gold has suddenly reversed direction. It is up 22 per cent this year. Gold mining stocks have rocketed even higher, with shares of giant Barrick Gold more than doubling this year. Skeptics, including Goldman Sachs and Citigroup, believe the recent boom is fated to end badly. They predict bullion's glow will fade in coming months as interest rates begin to rise, boosting payoffs from bonds and bank accounts. Higher rates may make gold, which offers no yield, look less attractive in comparison. However, a growing number of other observers are declaring a new fondness for precious metals. Anita Soni at Credit Suisse boosted her forecast for gold earlier this month, predicting that bullion will rise from its current level around $1,290 an ounce to $1,350 early next year. "We believe the gold rally has legs," agree the researchers at Pavilion Global Markets in Montreal. The folks at Capital Economics in London are also bullish. Helping to push the gold price is the idea that supply may be on the decline.