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Gold To Cost $1,000
... said Marc Faber, who advised investors to acquire the metal at the start of a six-year rally
Gold may 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, Bloomber reported.
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 for immediate delivery in London dropped $19.87, or 2.5 percent, to $792.08 an ounce as of 5:21 p.m. local time on the COMEX.
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