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“We overshot on the upside when [gold] went over $1,900.We’re now close to bottoming at $1,500, and if that doesn’t
hold it could bottom to between $1,100-$1,200.”
So said Marc Faber (GloomBoomDoom.com) in an interview with CNBC as reported by Catherine Boyle (www.cnbc.com) in an article* which Lorimer Wilson, editor of www.munKNEE.com (Your Key to Making Money!), has further edited ([ ]). abridged (…) and reformatted below for the sake of clarity and brevity to ensure a fast and easy read. The author’s views and conclusions are unaltered and no personal comments have been included to maintain the integrity of the original article. Please note that this paragraph must be included in any article re-posting to avoid copyright infringement.
Boyle goes on to say in her article, in part, that:
Faber, a fund manager who has 25 percent of his portfolio in gold, said that the recent sell-off had come about following nervousness about industrial metals, adding that a 40 percent correction wouldn’t surprise him. While he is bearish in the long-term, he forecast a rebound in markets in the short term, saying:
“Both equity markets and gold markets have become very oversold, and I think a rebound is occurring. Following this rebound, which I expect to get underway this week, there will be a longer slowdown.”
John Woods, Chief Investment Officer at Citi Private Bank, told CNBC… that he believes gold will fall to around $1,400 before continuing its long-term rise, saying:
It was massively over-bought in the last couple of weeks and now it will get over-sold…I don’t think the long-term trend is broken.
*http://www.cnbc.com/id/44667027
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