Gold May 'Easily' Rise to $1,000, Marc Faber Says

Source:

A "continued" weakening of the U.S. currency may help gold to climb above its all-time high of $850 traded in January 1980, said Faber, managing director of Marc Faber Ltd. and publisher of the Gloom, Boom & Doom Report.

Gold may "easily" rise to a record $1,000 an ounce next year as the dollar weakens and Asian central banks diversify their reserves, said Marc Faber, who advised investors to acquire the metal at the start of a six-year rally.

A "continued" weakening of the U.S. currency may help gold to climb above its all-time high of $850 traded in January 1980, said Faber, managing director of Marc Faber Ltd. and publisher of the Gloom, Boom & Doom Report.

"That's baked in the cake in my opinion," he said today in an interview. "Gold is still relatively cheap. It hasn't risen as much as nickel, or oil."

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