Gold keeps powering to new record highs amid a battery of speculations. Mari Kooi, CEO of Wolf Asset Management International LLC, sees gold rising 64% to $2,200 per ounce, Bloomberg reported.

If we look for a key reason for the gold rally, the most obvious one is the weak U.S. dollar. Kooi believes the dollar will fall another 20% within the next 12 months. A falling dollar will spark higher commodity prices and create inflation.

The dollar "will fall as people perceive that the Fed will do anything to fuel growth," Kooi told Bloomberg. "Commodities are going to be a hot thing."

Kooi is also bullish on copper. She is forecasting a 10% jump to $9,000 per metric ton by year end. "Copper is the one to watch," she further told the news agency. "It's a concentrated market where supply can be interrupted, but at the same time there is burgeoning demand."

On the London Metals Exchange, copper closed at $8,176 per ton yesterday. The record high is $8,940 set in July 2008. With both China and India growing rapidly, the demand for copper grows proportionally.

Do you believe that gold will trade above $2,000 per ounce?