GOLD PRICE NEWS - Marc Faber recently commented on the gold price, reiterating his bullish stance on the price of gold, which closed higher by 1.3% at $1,132 for the week after the better-than expected February unemployment data. After approaching $1,140 per ounce this morning, the gold price gave up its entire gain, closing $0.18 lower on the day but still $15 higher for the week. COMEX gold futures, per the April contract, finished the day up $2.10 to $1,135.20 per ounce. The stronger gold price boosted the entire precious metals sector, as the price of silver, platinum, and palladium traded higher by 5.2%, 2.2%, and 10.4% on the week.

As the gold price has climbed over the past month, it has once again attracted public commentary from many high-profile investors, the latest being Marc Faber of the Gloom Boom and Doom Report. In a recent interview on CNBC, Faber discussed his views on gold and financial markets in general. In light of the sovereign debt concerns in Europe and fiscal and monetary policies in the U.S., Faber has repeatedly highlighted his concerns with many of the leading global fiat currencies. When asked if gold is the “ultimate ponzi scheme,” he responded that “Gold is not a liability of someone else, you really own it, you keep it in a safe deposit box, its quantity cannot be increased at the same rate as you can print money which will eventually again weaken the US dollar.” Faber exclaimed, “I think everybody should accumulate some gold over time. I would recommend people to buy every month some gold forever.”

In terms of sovereign debt issues, Marc Faber expressed his skepticism over the recent austerity measures in Greece to combat the nation’s mounting deficits. “I don’t think it will work out, and I think other countries like Spain and probably Portugal (and Italy) will then also have to be bailed out eventually, and it will lead to more monetization in Europe, one of the reasons the euro has been so week.”

While the euro, which has displayed a strong correlation to the gold price over the past several years, has weakened considerably over the past month, the price of gold has not followed suit. Accordingly, despite the U.S. Dollar Index (DXY) rising 0.1% to 80.45 on the week, the gold price reached its highest level since mid-January. The yellow metal has demonstrated its strength against nearly all paper currencies, hitting an all-time high today of versus the euro. In terms of the British pound, which has weakened due to a growing concern over escalating budget deficits in the UK, the gold price climbed 2.7%.

Although the gold price has gained $88 since its February low of $1,044 per ounce, it still remains $94.50 below its all-time high of $1,226.50 reached in early December. Furthermore the price of gold has yet to break out to a new high for 2010, as it sits $19.74 below its January 11th close of $1,151.71. While the price of gold has traded into the $1,140 - $1,150 range on multiple occasions in 2010, it has yet to convincingly surpass it.