A correction in gold price is possible

“We probably had a false breakout on the upside. I wouldn’t be surprised to see a little bit more of a correction down to maybe $920 per ounce.”
Stocks may have already peaked for this year and might drop 20 percent amid renewed deflation fears, said Marc Faber, the publisher of the Gloom, Boom & Doom report.

The dollar is likely to rebound from an “oversold” position, which will be negative for equities, Faber said in an interview with Bloomberg Television on the sidelines of CLSA Ltd.’s annual investor conference in Hong Kong.

“I wouldn’t be surprised if we’d seen the peak of the market for this year because the economic news isn’t going to improve very much,” Faber, 63, said. “The correction in the market has been overdue for quite some time.”

Marc Faber US Govt may fail in 5 to 10 years, Sept 22, 2009
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