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Private Briefingwith WILLIAM PATALON III, Executive Editor
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When billionaire investors are buying gold, it probably means prices for the yellow metal are headed higher.
Three well-known billionaire investors - George Soros, John Paulsen and Julian Robertson - have been adding heavily to their gold holdings this year.
Gold buying by some of the world's most successful investors is a strong argument that gold prices, despite their impressive rise over the past several years, still have a long way to go.
The precious metal is expected to enjoy its 12th straight year of increases in 2013. So far this year, gold prices are up about 10%.
Forecasters see gold rising each quarter in 2013, ending at $1,925 an ounce in the last quarter, or 11% higher than current prices, according to Bloomberg.
While gold prices haven't moved much lately, investors need to stay focused on the long term.
On Tuesday, December gold futures on the Comex fell $8.50 (0.5%) to $1,725.9 an ounce. This came after remarks by Fed Chairman Ben Bernanke that the looming fiscal cliff could threaten the U.S. economy.
Of course, such minor bumps haven't kept the smart money - billionaire investors -- from buying gold.
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