Marc Faber will be a speaker at an event co-presented by CFA Philippines on October 9, 2008!
Marc Faber, a speaker at a CFA Philippines investment seminar last year, thinks that industrial commodities will experience price pressure in the second half of 2008, before returning to their uptrend next year. His view about market difficulties last year was dead on. Is he correct again this time? http://www.bloomberg.com/apps/news?pid=newsarchive&sid=anaGrzNdKquc#
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Some info about Marc Faber:
Since 1973, he has lived in Hong Kong. From 1978 to February 1990, he was the Managing Director of Drexel Burnham Lambert (HK) Ltd. In June 1990, he set up his own business, MARC FABER LIMITED which acts as an investment advisor and fund manager.
Dr Faber publishes a widely read monthly investment newsletter "The Gloom Boom & Doom Report" report which highlights unusual investment opportunities, and is the author of several books including “ TOMORROW'S GOLD – Asia's Age of Discovery” which was first published in 2002 and highlights future investment opportunities around the world. “ TOMORROW'S GOLD ” was for several weeks on Amazon's best seller list and is being translated into Japanese, Chinese, Korean, Thai and German. Dr. Faber is also a regular contributor to several leading financial publications around the world.
Nov. 15 (Bloomberg) -- Gold may ``easily'' 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.
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.
``That's baked in the cake in my opinion,'' he said today in an interview. ``Gold is still relatively cheap. It hasn't risen as much as nickel, or oil.''
The metal has climbed 18 percent in more than two months as the dollar slid to a record low against the euro amid concerns of the economic impact of U.S. subprime-mortgage defaults.
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.
It has declined 6.4 percent since trading at a 27-year high of $845.84 on Nov. 11. The metal was ``overbought'' at that point and may still fall to $750 in the next three to six months, Faber said.
``I don't know of any market that goes up in a straight line,'' he said. ``A continued correction from here wouldn't surprise me; it's a correction, a setback, in an ongoing bull market.''
Demand Gains
Faber's 2008 forecast echoes that of London-based research company GFMS Ltd. Gold's rally may extend to $1,000 because of ``very strong investor interest,'' GFMS Executive Chairman Philip Klapwijk said on Nov. 2.
UBS AG, Europe's biggest bank by assets, lowered its one- month estimate for gold on Nov. 13 to $750 an ounce, a week after raising it to $850, saying bullion's rally was overdone.
Gold demand rose 19 percent in the third quarter, led by a sevenfold increase in investment in exchange-traded funds backed by bullion, the producer-funded World Gold Council said yesterday. Demand increased to 947 metric tons from 796 tons a year earlier, according to the London-based industry group.
Purchases of so-called ETFs and similar products rose to 138 tons from 19 tons as investors sought a haven from turmoil in the financial markets.
Last Updated: November 15, 2007 12:49 EST
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