Gold, no longer the nutcase investment

In a room full of investors, it used to be easy to spot the gold bull.  
He would be the guy in the corner wearing a tinfoil hat with a copy of  
'The David Icke Guide to the Global Conspiracy (and how to end it)'  
under his arm.

If you found yourself standing next to him, you would want to cough,  
look at your mobile, and recall an urgent appointment that required  
you to be elsewhere.

Today gold set a new record high of $1,164 an an ounce. And  
significantly, the gold bug is now wearing Armani, and when he talks  
it's not in response to voices in his head.

The latest suit to join the rush is John Paulson, the US-based hedge  
fund manager, who has just set up a gold fund that will include  
$250 million from his personal piggy bank. Mr Paulson's combined gold  
and gold-related investments make up about half of his firm Paulson &  
Co's holdings, the New York Times reports.

His portfolio includes AngloGold Ashanti, Gold Fields and Kinross  
Gold; the first two are South African-based companies with cross listings in New  
York. Kinross is a Canadian miner, also listed on the NYSE.