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Think You’ve Missed the Gold and Silver Rally? Think Again, Says Marc Faber
Each time the two monetary metals reach new highs, calls for the end of the bull market in gold and silver come quickly and frequently. At $500, $850, and ever since gold first cracked $1,000 per Troy ounce in March 2008, the gold price remained the focus of those paid to report a popular view among those firmly entrenched in a fiat paper system that’s rewarded them handsomely for two generations. Those unencumbered by a financial system – a system that pays its employees “more than four times the average salary in the rest of the economy,” economist Paul Krugman wrote in 2008 – make a living by developing a reputation for accurately appraising the current state of the vilified gold and silver market. Otherwise, these unleashed analysts and money managers will no longer retain their flocks and fortunes. One such tell-it-like-it-is investment manager is the publisher and editor of the Gloom Boom Doom Report, Marc Faber – who, as a side matter, says that the choice for the name of his report, Gloom Boom Doom, came about from his observations of changing investor sentiment during complete market cycles. So, is it Gloom, Boom or Doom for the precious metals? Faber rejects the notion of a precious metals market soon entering a “Doom” stage. “If it
[gold] were a bubble a lot of people would have gold. The whole
world would be trading gold 24 hours a day,” he told CNBC’s
Joe Kernen. “But I don’t think it’s really a bubble.
I think gold is maybe cheaper today than it was in 1999, when it
was $252.” April 16, 2011 © 2011 Beacon Equity Dr. Marc Faber [send him mail] lives in Chiangmai, Thailand and is the author of Tomorrow's Gold.
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