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This year has been something of a tease for gold investors – but our gold price prediction for 2017 sees the yellow metal going much higher.

Gold prices started the year on a tear. By July, the spot price of gold had reached $1,364.80 an ounce, a 28.72% jump from the start of 2016.gold price prediction

Many gold analysts were convinced this rapid rise in gold prices signaled the start of a new gold bull market.

But then gold reversed direction…

Since that July 6 peak, gold prices have slipped 15% to $1,160, raising questions about whether gold's bear market – which started in September 2011 — was really over.

And Wall Street's gold price predictions for 2017 have clarified little…

Gold Price Predictions for 2017: Take Your Pick

Several bank analysts, including those at Credit Suisse Group AG (NYSE ADR: CS), Societe Generale (OTCMKTS ADR: SCGLY), and UBS Group AG (NYSE: UBS), all have average gold price forecasts for 2017 of $1,300 or higher.

But Dutch bank ABN Amro Group NV's 2017 gold price prediction sees the yellow metal sliding below $1,100 an ounce, while the gold price forecast of UK trading firm IG Group Holdings Plc. puts it below $1,000 by the end of the year.

And the 2017 gold price prediction from Citigroup Inc. (NYSE: C) is basically flat – a slight drop early in the year followed by a slight gain in the latter part of the year.

But for long-term gold investors, what matters right now is that we're close to the end of the 2011 bear market. Whether the turnaround starts in January or later in 2017 doesn't matter that much, considering the gains that lie ahead…

Reference: Money Morning