Gold prices hit the $1,000 target for the first time on Thursday as fears about a possible recession increased and the U.S. dollar continued to weaken. The dollar hit yesterday new lows against the euro and sank to 13-year lows against the yen, while crude oil prices busted through the $110 barrier. Still, there have been a handful of notable names that have benefited from the news to trade up to new highs.

Gold has been strong lately, and gold stocks have been following gold's lead. It seems like gold is following its upside trend today as well, as the current surging oil futures made gold prices relatively cheaper for foreign investors who use other currencies.

However, some analysts believe this is far from being over and expect even higher values for the price of gold. Clément Gignac, National Bank Financial 's chief economist and chief strategist, believes that gold prices will reach $1,500 an ounce within the next 12 to 18 months. Nick Barisheff, portfolio manager of the Millennium Bullion Fund, shares the same belief and anticipates that gold could even touch the $2,000 to $3,000 mark in the "next two to three years."

As gold moves higher, so have gold stocks, with some big names trading up to set new 52-week highs Thursday evening:

• Streettrack Gold Trust (NYSE: GLD) – set a new 52-week high yesterday of $98.73;
• Agnico Eagle Mines Ltd. (NYSE: AEM) – set a new 52-week high yesterday of $78;
• Goldcorp Inc. (NYSE: GG) – set a new 52-week high yesterday of $44.85.

As worries over the U.S. economy and the financial sector continue, do not be surprised to see more upside for gold into next week. Oil slipped this morning below $107 a barrel after prices hit a record of $111 in the previous session, but fears about a further collapse in the value of the dollar haven't completely disappeared.

Eliza Popescu is a financial writer for the online investment advisory service Investor's Observer.