The 2016 entries for the London Bullion Market Association long running forecasting competition show just how bearish the consensus view was at the beginning of the year.

The majority of investment and institutional analysts predicted gold would dip below $1,000 during the course of the year. The winner of last year's competition Bernard Dahdah of French investment bank Natixis, even predicted an average price in triple digits.

On the upside only five forecasters expected gold at $1,300 and only Martin Murenbeeld of BC-based Dundee Economics saw the price reaching today's levels.