The analysts see that changing in 2013. Namely, they suggest that precious metals like gold and silver, which languished into last year's end, are set to rebound.

However, Lewis and McGlone cite two main risks to their view. The first is that the economy really starts to improve. This is the hypothesis behind Goldman's notably bearish gold forecast for 2013.

The second risk is a "violent" turn in the U.S. dollar, the Deutsche Bank analysts write: