Gold is set to test its record highs over the coming year as the spectre of deflation, too much debt, the prospect of resurgent inflation and currency debasement propels the precious metal towards $US2000 an ounce.

That's the bullish call from VanEck's Joe Foster who, as portfolio manager of the world's largest gold exchange-traded fund, is wary of the consequences of the $US9 trillion ($14 trillion) unleashed by central banks and governments to support growth amid a sharp contraction in the global economy.