The PRICE of Gold Bullion has now bottomed out, according to leading investment author and precious-metals advocate Marc Faber.
"I'm not sure that gold will not make a new high this year," Faber told Bloomberg in an interview earlier this week, "but I think we've bottomed out.
"Some Gold Mining shares have become very very inexpensive compared to the reserves they have."
CEO of Marc Faber Ltd and author of the monthly Gloom, Boom & Doom Report, Swiss-born Faber serves as a director or adviser to a number of investment funds, mostly focused on emerging markets.
Marc Faber first predicted the boom in Gold Bullion and commodity price back in 2000. Since 2001, the price of Gold Bullion has increased more than sevenfold, from $250 an ounce to approximately $1900 last summer. But since that extreme in early September, the price has fallen rapidly, at times dipping below $1525.
Currently, the Gold Price is hovering just above $1600, close to where it was at the beginning of 2012. Other professional investors believe that the decrease will continue over time.
"Gold Prices may plunge 20% to $1300 an ounce this year because bullion is not a viable alternative to currencies," says Michael Shaoul, the New-York based chairman of Marketfield Asset Management, which has assets of $1 billion under management.
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