Insider Predicts October iPhone 5 Release

Okay, the release of the next generation iPhone is now officially the worst kept secret in business.

Former Vice President Al Gore, a member of the Apple board of directors, said he believes the “new iPhones” will be here next month. Gore was speaking at Discovery Invest Leadership Conference in South Africa, when he let the news slip.

Apple declined to comment and has said nothing officially about when the iPhone 5 will be released, preferring to let rumors and buzz build around the iconic product. Even without Gore's loose lips, most industry analysts have long predicted an October launch, with one even pinpointing the expected launch date as between October 3 and 5.

Still a mystery

The real unknown is what kind of device the iPhone 5 will be. Normally, Apple updates this product between June and July, but failed to do so this year. Some have speculated on a major upgrade from the iPhone 4, while others has suggested minor tweaking of the current model.

The iPhone 4, introduced in July 2010, is a 3G device. Since its introduction, competitors have turned out a number of 4G phones that take advantage of the faster networks the major carriers are beginning to roll out. It is hard to believe Apple would update its best-selling device without making it 4G.

Two iPhones?

This week J.P. Morgan analyst Mark Moskowitz told Fortune Magazine he's predicting two new iPhones before the year ends. One he calls the “iPhone 4-plus. The other, he says will be a significant advancement.

Regardless of when Apple decides to update it's iPhone, it continues to gobble of market share in the smartphone sector. While Wall Street has sunk in recent weeks, Apple stock is up along 20 percent in the last month.