Commodity Online has a summary of its latest Gold Investment Digest report, for January of this year, which says that ETF and physical gold demand (both bulk, on the OTC market, and retail) combined to push the price up in '09. Two interesting facts of note were, gold was the best asset class in '09 on a risk-adjusted basis and the metal had the lowest volatility of any commodity monitored by the Council that year (except for the S&P GS Livestock Index.) Those commodities, with the exception of indices and oil, were all metals.
Also of note was the Council's opinion that the investment demand seems to be of a long-term nature.
A complete copy of the entire Digest is here [.pdf file], but you have to register with the World Gold Council's Website to access a copy of it.
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