Gold which was trading near one-month highs yesterday, is off 0.47 per cent today,and at $1,626.20, is well off its 52-week high of $1,922.
Marc Faber, author of the Gloom, Boom and Doom report was on Bloomberg TV saying gold has bottomed out:
“I’m not sure that Gold will not make a new high this year, but I think we’ve bottomed out and some gold mining shares have become very very inexpensive compared to the reserves they have.
And i think that in the current environment where it is clear that the worse the economy becomes the more the money printers will be at work, that to own a currency whose supply can not be increased at the will of some clowns that occupy the central banks is a desirable investment.”
Faber also said he thinks the Singapore dollar, the Thai baht, and the Malaysian ringitt are relatively stable currencies. While he likes the U.S. dollar and believes that tightening global liquidity will be dollar friendly the long-term prospects of the greenback aren’t good.
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