Gold price: Here's why the yellow metal could double and the best ways to buy it

Why Gold Prices Could Double

Gold last traded at $1,761 an ounce. Silver at $22.18 an ounce.

NEWS SUMMARY: Precious metal prices rose Monday on bargain-hunting despite a firmer dollar. U.S. stocks began the week deeply in the red as investors continued to move to the sidelines in September amid several emerging risks for the market.

Yahoo Finance--"For thousands of years, the most popular investment was gold: the prettiest metal you could bend, re-form, bury and reuse endlessly.

And even though investors have many more options nowadays, gold still has its champions.

One hedge fund manager, who predicted the metal's rise to an all-time high of $2,000 per ounce last summer, is confident the price could climb to $3,000 to $5,000 an ounce in the next three to five years.

With the yellow metal sitting near $1,750 after a more than $40 drop on Thursday ⁠- its biggest fall in six weeks - now might be an opportune time to follow his lead.

Diego Parrilla, manager of the defensive and gold-heavy Quadriga Igneo fund, is undaunted by the metal's tumble...'I think the drivers for gold strength not only remain but actually have been strengthened,' he told Bloomberg News last month....

'Central bank money printing isn't really solving problems, it's delaying the problem,' Parrilla says. 'Gold will benefit purely from being a physical asset that you cannot print.'

If Parrilla's argument is making sense, or you've got your own reasons for investing in gold, you have a few options available to you.

The most straightforward way to put your money in gold is to buy and store gold bars, coins or jewelry.

If gold forms part of your retirement plan, you can actually buy it through a gold Individual Retirement Account (IRA)."