Suddenly, gold is getting its groove back.
After two straight years of losses, gold is off to its best start to year since 2008. And, according to one well known analyst, 2015 could have gold bugs smiling.
In an interview with CNBC.com's Futures Now, Sterne Agee's precious metals and mining analyst Michael Dudas said that gold should continue to benefit from central banks' efforts to devalue their currencies. Gold prices rose more than 2 percent Thursday to a four-month high after the Swiss National Bank shocked the world and said it would abandon its euro currency peg. The precious metal is now up more than 6 percent year to date.
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"All these central banks are all going to debunk their currencies, said Dudas. "And it's going to default to just one currency that can't be debunked, and that's gold."
In an effort to stave off falling prices and revive their stuttering economies, central banks in Japan and Europe have weakened their respective currencies. The result has been a stronger dollar, and rising gold prices. The yen recently touched a six-year low against the dollar, and the euro recently hit its lowest level against the dollar since 2003. Since hitting its lows on Nov. 6, gold has jumped 10 percent, but when the metal is priced in currencies outside the dollar, it's done even better.
"Gold in terms of euros is at its highest level since May 2013," Dudas said. Many investors expect the European Central Bank to announce a major stimulus plan when it meets next Thursday. That could also drive gold higher.
Gold is also benefiting from recent market volatility. As investors have plowed into bonds, and the VIX has jumped above 20 for just the fifth time in the past year, investors are looking for a place to park their money. Gold appears to be filling that role for now.
"Certainly [Thursday's] announcement by the Swiss National Bank caught everyone by surprise, but it just shows gold's safe haven status," said Dudas.
With global uncertainty not expected to let up anytime soon, Dudas thinks gold could rally another 11 percent by the end of the year.
Said Dudas: "We see gold going to $1,400 by the end of the year."