Why is it no matter how much the world advances intellectually and technologically, people keep speculating on gold?

John Neff, who managed Vanguard Group's Windsor Fund for three decades, once offered this take on the precious metal: "It's not an investment, it's an emotional experience."

Emotions have been running high. Spot gold prices have risen 44 percent in the past 12 months. Gold futures reached a record $1,196.80 an ounce in New York last week before closing at $1,175.50 on Nov 27.