With gold reversing lower after reaching a new all-time high of $1,922.20 per ounce on Tuesday, debate over the existence of a gold bubble has been rising in kind.
Long-time gold bull Marc Faber refuted the idea that gold has reached bubble territory. ”I don’t think that gold is in a bubble,” Faber stated in a phone interview with Bloomberg. “When you buy gold, it’s an insurance against systematic failure and problems in the financial markets.”
Also commenting on the topic of a gold bubble was Natixis strategist Nic Brown. In a note to clients, Brown wrote that “This explosion in liquidity creates demand for gold and creates the perception for gold prices to go higher. But ultimately, this is a bubble fueled by liquidity.” Brown did not elaborate, however, on the time or price at which gold would reach bubble territory.
Extorre Gold Mines Hits at Puntudo
- 3.8m at 2,154 grams per tonne (g/t) silver and 3.34 g/t gold (2,321 g/t silver equivalent), including 0.95m at 8,516 g/t silver and 9.40 g/t gold (8,986 g/t silver equivalent) at Hole RD0020A at La Negra.
- 5.0m at 236 g/t silver and 0.39 g/t gold (256 g/t silver equivalent), including 3.86m at 300 g/t silver and 0.42 g/t gold (321 g/t silver equivalent) at hole RD0026 at La Negra.
- 8.0m at 227 g/t silver and 0.48 g/t gold (251 g/t silver equivalent), including 1m at 856 g/t silver and 2.80 g/t gold (996 g/t silver equivalent) at hole RD0032 at La Marocha.