In case you were dismayed by the $13 drop in the price of gold futures for April today, with the precious metal down to $1,129.90 per ounce, take heart because Marc Faberis onCNBC telling folks to buy the metal every month “for forever.”
Given the rapid printing of money around the globe, and the prospect of currency devaluation worldwide as a result, gold is the only sure bet, says Faber.
Greece’s austerity plans in orderto sell its bonds today mean Eurozone bailouts will exact a high price on the Euro, while in the U.S., the need for 30% to 50% of tax revenue to go to interest on government debt over the next decade mean bad times ahead for the dollar.
The dollar, meantime, has strengthened in the face of today’s dispiriting economic data, with the dollar trading at $1.3559 to the Euro, down from $1.3679.
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