Marc Faber: Gold is "Dirt Cheap" -- Price Could Reach $10,000 per Ounce

Eleven years into a gold bull market, Marc Faber publisher of the Gloom Boom and Doom report still doesn't think gold is in a bubble. Joining us via Skype from Chiang Mai, Thailand Thursday, Faber told the Daily Ticker's Aaron Task there are fundamental reasons why gold, already nearly 30% higher for they year, will continue to gain value.

Faber admits the price of the precious metal may remain volatile; after hitting a new high of $1923.70 on Tuesday, gold has fallen about $100 per ounce.

But in the long-term "gold will be very well supported" because of global demographics and the continued debasement of fiat currencies, including the U.S. dollar. Compare gold prices to the amount of wealth created in the emerging markets over the last decade and the increase in the monetary base around the world, the price of gold is "relatively low," says Faber. Compare it to the quality of politicians and at $1,800 per ounce gold is "dirt cheap," he half jokes. He won't put a price target on the metal but he does say, "according to some statistics the gold price today should be worth between $6,000 per ounce and $10,000 per ounce." If that's true, then "dirt cheap" might be the right phrase.

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gold is the same buying power as it always had. it is just the purchasing power of the dollar that has gone down

don't buy into the BS that gold is going up, its only an illusion

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Former chief UN weapons inspector: US regime was 'high for war' in Iraq and 'thought they could get away with it'

John Higginson - 28th July, 2010 Share| .Hans Blix tells Iraq inquiry US was on 'high for war'

The US was 'high on military' action before it invaded Iraq, former UN weapons inspector Hans Blix has claimed.

Its leaders didn?t feel they needed ?a permission slip? from the security council, added Dr Blix, who headed the team sent to search for weapons of mass destruction before the invasion in March 2003.

?The US in 2002...I think they were high on military at the time. They said ??we can do it??,? he told the Iraq inquiry.

?They thought they could get away with it so they decided to do it.?

Dr Blix also privately told then prime minister Tony Blair, in the autumn of 2002, that he believed there were weapons of mass destruction in Iraq despite not finding evidence of them.

?I, like most people at the time, felt that Iraq retained weapons of mass destruction,? he said. ?I did not say so publicly. I said it perhaps to Mr Blair in September 2002 privately, but not publicly.?

He later warned Mr Blair that Britain could end up attacking and find nothing.

.When his survey teams found nothing at 500 sites he warned the US and Britain to ?reconsider their sources?.

Dr Blix said he first became suspicious about the WMD claims when he saw reports about uranium being imported from Niger.

It took the IAEA one day in March 2003 to work out they were forgeries, he added. ?I think that was the most scandalous part of the whole thing.?

Asked if Iraq was given a ?realistic possibility of meeting the requirements of the resolution? Dr Blix replied: ?Yes, except that it was very hard for them to declare any weapons when they didn?t have any.?

Dr Blix said he believed a second UN resolution was needed before attacks were launched on Iraq but none was made.

SOURCE

Metro, "John Higginson - 28th July, 2010 Share| .Hans Blix tells Iraq inquiry US was on 'high for war'", .28 July 2010
http://www.metro.co.uk/news/836346-hans-blix-tells-iraq-inquiry-us-was-on-high-for-war

"The Insider" mailing list article, 28 July 2010.

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