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Gold will stay above $1,000 an ounce forever, says Swiss Dr. Doom

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Dan Burrows
Daily Finance
Saturday, Nov 14th, 2009

Leave it to Switzerland’s version of Dr. Doom to make the latest apocalyptic pronouncement on the future of the U.S. dollar — and the outlook for gold prices.

Marc Faber, investment advisor and fund manager to the uber-wealthy, says gold will forever stay above $1,000 an ounce. If you’re unfamiliar with Faber’s pitch-black outlook for the future of the Western economies and the developed world in general, well, he’s probably best known as the author of the Gloom, Boom & Doom report.

Enough said.

“We will not see less than the $1,000 level again,” Faber said at a conference in London, Bloomberg reported Thursday. “Central banks are all the same. They are printers. Gold is maybe cheaper today than in 2001, given the interest rates. You have to own physical gold.”

Also bolstering gold prices will be the Beast of the East, according to Faber. “China’s demand for commodities [including gold] will go up and up and up,” Faber said, Bloomberg reported.

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This article was posted: Saturday, November 14, 2009 at 3:34 am





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