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Close Enough to a Bottom, Gold Best Alternative for Investors - Doug Casey

KITCO NEWS — As markets digest this week’s Fed meeting, one veteran investor says he’s still rooting for gold.

KITCO NEWS — As markets digest this week’s Fed meeting, one veteran investor says he’s still rooting for gold. Doug Casey, founder of Casey Research, told Kitco News that he expects prices to move higher next year. As part of Kitco’s annual Outlook series, Casey shared his forecasts for the coming year and said we may be near a bottom for the metals. ‘My opinion is if it’s not the bottom, its close enough to the bottom,’ he said. ‘So, I have to be an aggressive buyer of both gold and silver at this point.’ February comex gold futures were last quoted up $8.60 at $1,058.20 an ounce while March silver futures rebounded from a six-year low earlier in the week and were last quoted up 1.26% at $13.87. According to Casey, there are no better alternatives for investors right now than precious metals. 'Everything else in the financial world is grossly overpriced, including the dollar, so you have to buy gold,’ he explained. His optimism spills over into mining equities, as he expects a ‘super bubble’ in mining stocks. However, he still said he doesn’t like the current state of the mining industry. ‘I’ve been saying for years that mining is the worst business in the world; that it is eventually going to radically change its entire nature in the future,’ he said. Casey also expects the dollar to eventually reach, as he put it, its ‘intrinsic value at approximately zero.’