Marc Faber: Gold is "Dirt Cheap" -- Price Could Reach $10,000 per OunceDaily TickerSep. 10, 2011 |
Rep. Thomas Massie Warns Congress is Trying to Pass Hate Speech Laws to Outlaw Criticism of Israel
ADL Urged Congress to Pass FISA Law Spying on Americans to 'Protect Israel'
'Sniper Seen on Roof Overlooking Pro-Palestine Protest' at Indiana University
Axios Poll: Majority of Americans Now Want Mass Deportations
Claim Jewish Student Was 'Stabbed In The Eye' by Pro-Palestine Protester Draws Mockery After Video Released
More: Marc Faber on CNBC India - Sept 09 2011 Eleven years into a gold bull market, Marc Faber publisher of the Gloom Boom and Doom report still doesn't think gold is in a bubble. Joining us via Skype from Chiang Mai, Thailand Thursday, Faber told the Daily Ticker's Aaron Task there are fundamental reasons why gold, already nearly 30% higher for they year, will continue to gain value. Faber admits the price of the precious metal may remain volatile; after hitting a new high of $1923.70 on Tuesday, gold has fallen about $100 per ounce. But in the long-term "gold will be very well supported" because of global demographics and the continued debasement of fiat currencies, including the U.S. dollar. Compare gold prices to the amount of wealth created in the emerging markets over the last decade and the increase in the monetary base around the world, the price of gold is "relatively low," says Faber. Compare it to the quality of politicians and at $1,800 per ounce gold is "dirt cheap," he half jokes. He won't put a price target on the metal but he does say, "according to some statistics the gold price today should be worth between $6,000 per ounce and $10,000 per ounce." If that's true, then "dirt cheap" might be the right phrase. Read More |