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Marc Faber Says Gold Is Cheap at $1100 Per Ounce

Commodities / Gold and Silver 2010 Jan 07, 2010 - 03:29 AM GMT

By: LewRockwell

Commodities

Global investing guru and publisher of the infamous Gloom, Boom and Doom report Marc Faber says gold is cheap at $1100 per ounce, reports Commodity Online from its Singapore office.


Faber advises prudent investors to Buy Gold at this current price so they can reap rich dividends in 2010.

In his first New Year comment on the price of gold, the US Dollar and commodities more broadly, Faber said that the most interesting currency that people should invest now is gold as the US Dollar is on a bearish run.

"Gold remains the best bet as a currency these days because of the fact that the yellow metal supply is extremely limited. Gold at the current price of $1110 per ounce is less expensive than when it was sold for less than $300 per ounce years back..."

Faber also explains that the Gold Price should be treated in the same way that a company's stock is treated by investors...

"A company's stock could be less expensive at $100 than when it was selling for $10, because earnings growth has outpaced the appreciation of the shares and therefore its price/earnings ratio has declined. So gold could be cheaper at the current price than when it was at less than $300 because of the explosion of foreign exchange reserves in the world, zero interest rates, the huge debt overhang, and the expectation of further money printing."

According to Faber, global reserves of gold have grown from about $1 trillion in 1995 to over $7 trillion today. "Therefore," he says, "the share of gold in the world's official reserves has declined from 32.7% in 1989 to a current record low of 10.3%," he points out.

    Read the rest of the article

    Copyright © 2009 Gold News

    http://www.lewrockwell.com

    © 2010 Copyright Gold News / LewRockwell.com - All Rights Reserved
    Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.


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