Gold May Rise 10-Fold

Bloomberg.com: Australia & New Zealand: "April 25 (Bloomberg) -- Marc Faber, who told investors to bail out of U.S. stocks a week before the 1987 Black Monday crash and began recommending commodities at the end of 2001, said gold may rise 10-fold in the next 10 years.
``If the Dow Jones goes up three times in the next 10 years, I think gold prices will go up by a minimum 10 times to something like $6,000 an ounce,'' said Faber, 60, who founded Hong Kong-based Marc Faber Ltd. and manages about $200 million.
Faber, author of a newsletter called The Gloom, Boom & Doom Report, said gold wasn't expensive when ``you compare its price to the quantity of money that has been printed in the last 10 to 15 years in the U.S. and the world in general.''
Gold for immediate delivery rose to $645.85 an ounce on April 20, its highest in the more than 25 years, as hedge funds and other speculators bought commodities to seek greater returns than from stocks and bonds. Former George Soros partner Jim Rogers forecast April 17 that gold would reach $1,000 an ounce.
The outlook for the precious metal depends on how much money Federal Reserve Chairman Ben Bernanke ``will print,'' Faber said in an interview yesterday in Tokyo.
``As you know he has pronounced speeches about asset deflation,'' said Faber, referring to Bernanke. ``He's concerned about real estate and stocks going down, so in the long run for sure he'll print money.''
Pension Funds
Pension and mutual funds are pumping record amounts of cash into commodities as China's booming economy stokes demand for oil and other raw materials, leading to a three-year boom in prices. The amount of money invested in index-linked commodity funds rose last year by as much as $30 billion to $80 billion, according to "