Anyone who's been watching our market follies over the past 4 years knows who Marc Faber is. One of the world's leading bears, he is calling gold "quite oversold". Gold bugs and recent converts should pay attention that the correction in gold prices makes buying it a great opportunity right now. But act soon it may be one of the last we will see.
repost from Zero Hedge
Marc Faber: "Gold Is Quite Oversold. I Will Consider Buying Gold Over The Next Two Days"
Anyone trading gold and silver most likely had a heart attack this morning. Of that subset, anyone who survived and traded with conviction made a killing, following an impressive surge in both metals, which saw silver soar from $26 all the way back to $30, after it was made clear that there was no behind the scenes liquidation of the metal but merely more piggybacked margin hikes this time out of China as was first reported by Zero Hedge. Another factor that helped was Marc Faber's appearance on CNBC earlier, who said that gold is now "quite oversold" and that he would be adding to the yellow metal in the "next two days." In retrospect, he should have been adding today to his existing holdings. However, since he already has 25% in gold, he is forgiven. Mutual funds which, however, have about 1% in gold, are not.
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