By Catherine Boyle, Staff Writer, CNBC.com
NEW YORK ( CNBC) -- The price of gold, which has fallen in recent weeks as part of a broader market sell-off, has even further to fall, Marc Faber, author of the Gloom Boom, and Doom Report, told CNBC Monday. "We overshot on the upside when we went over $1,900," said the fund manager, who has 25% of his portfolio in gold. "We're now close to bottoming at $1,500, and if that doesn't hold it could bottom to between $1,100-$1,200." Faber, who said that the recent sell-off had come about following nervousness about industrial metals, added that a 40% correction wouldn't surprise him. US gold suffered its biggest daily drop in more than five years on Friday.
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