Gold which was trading near one-month highs yesterday, is off 0.47 percent today,and at $1,626.20, is well off its 52-week high of $1,922.
Marc Faber, author of the Gloom, Boom and Doom report was on Bloomberg TV saying gold has bottomed out:
"I'm not sure that Gold will not make a new high this year, but I think we've bottomed out and some gold mining shares have become very very inexpensive compared to the reserves they have.
And i think that in the current environment where it is clear that the worse the economy becomes the more the money printers will be at work, that to own a currency whose supply can not be increased at the will of some clowns that occupy the central banks is a desirable investment." Faber also said he thinks the Singapore dollar, the Thai baht, and the Malaysian ringitt are relatively stable currencies.
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