Gold is tipped to reach a new peak of $2,140 according to the 143 traders, investors and analysts questioned by Bloomberg, with silver also set to make healthy gains. Silver could rise by over 40% to $42.20 per ounce the survey respondents suggested.

All told, precious metals are forecast to rise by 27% with many base metals also tipped to make gains. Zinc could lead the way with a forecast rise of almost 30% to $2,400 a metric ton.

Across all metals there will be shortages in copper, tin and palladium this year and narrowing surpluses in aluminium, zinc, silver and platinum, according to the survey.

One reason for the bullish view on prices is that two of the main concerns that affected commodity prices in the second half of 2011 may also ease, respondents suggested.

The dollar index is tipped to fall back to 76.1 in the fourth quarter, compared with 79.8 yesterday. Commodities have traditionally enjoyed an inverse relationship with the US currency.

Fears of a slowdown in China may also be overblown.

The country is huge user of commodities, especially base metals such as copper and iron ore, and while the economists surveyed expect China’s economic growth to slow to 8.5 percent this year that will still represent four times the anticipated growth of the US economy and five times Japan’s predicted growth.

While rising precious metal prices are likely to benefit large miners like Randgold, African Barrick and Fresnillo several of the market’s smaller producers would also be major beneficiaries.

For example Medusa Mining already impressive margins – last year it produced around 100,000 ounces of gold at cash costs of US$189 per ounce – would be enhanced further.

Meanwhile the economics of other gold producers like Archipelago (LON:AR.), Cluff (LON:CLF), Caledonia Mining (LON:CMCL), Hambledon Mining (LON:HMB), Vatukoula (LON:VGM) and Norseman (LON:NGL) would  be greatly enhanced also.