Marc Faber: Gold is not in a price bubble

31/01/2011 00:00 AST

Global economic analyst Marc Faber says that the recent fall in gold price should not be taken to create fear among the investing community that the yellow metal is in a bubble.

Faber, who correctly predicted the 1987 economic crash, said in an interview to Bloomberg that he is bullish on commodities, especially on gold.

Faber, editor and publisher of The Gloom Boom & Doom Report, stated that he still “likes gold” and does not believe it is in a bubble.

Terming the recent weakness in gold prices as a pure correction, Faber said that “from the top to the bottom the correction could be 20%.”

While Faber did not provide a longer-term target price for the yellow metal in this interview, he predicted a 10% drop in the S&P 500 over the shorter-term, noting the historically high levels of bullish sentiment as a contrary indicator.

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