© Associated Press

An exhaustive report by Standard Chartered predicts that gold will more than triple to $5,000 an ounce because of a lack of supply, not just because of a surge in demand that most bullion bugs cite in their bullish calls.

"There are very few large gold mines set to commence operation in the next five years," said Standard's analyst Yan Chen in a report Monday. "The limited new supply comes at a time when central banks have turned from being net sellers to significant net buyers of gold. The result, in our view, will be a gold market in deficit, even assuming flat growth in demand. With the supply-demand balance so out of kilter, we see the gold price potentially going to US$5,000/oz."

The London-based firm is among the first to focus on the supply-side of the gold equation amid the many bullish forecasts out there on the metal. After analyzing 345 gold mines and 30 copper/base metal gold mines around the globe, the team estimates annual gold production will be just 3.6 percent over the next five years.

"They make a pretty compelling argument, especially when it comes to mine supply," said Brian Kelly, head of Brian Kelly Capital and a 'Fast Money' trader. "Most analysis focuses on demand from China and India, which of course can disappear as quickly as it materialized."

But that's unlikely to happen over the next five years as central banks look to further diversify their holdings of U.S. dollars and as emerging countries buy more gold in the aftermath of the global paper currency crisis.

"Currently, only 1.8 percent of China's foreign exchange reserves is in gold," wrote Chen and the Standard team in the 68-page report. "If the country were to bring this proportion in line with the global average of 11 percent, it would have to buy 6,000 more tonnes of gold, equivalent to more than 2 years of gold production."

The bold call is among the most bullish out there. In a Bank of America/Merrill Lynch survey of global money managers released Tuesday, just about a third of money managers felt gold was overvalued. However, that is the highest reading in that survey in more than a year.

Standard Chartered recommends that clients buy shares of smaller gold miners to get the most upside from its prediction but also said clients could buy physical gold and gold exchange-traded funds.