Gold price today should be worth between $6,000 per ounce and $10,000 per ounce.

The gold price moved marginally lower Thursday morning, slipping $11.89 to $1,821.81 per ounce. The price of gold bounced back after disappointing retail sales data. The U.S. dollar weakened versus the euro and the yen while oil and copper prices declined 0.8% and 0.7%, respectively. Silver held near unchanged at $40.98 per ounce.

Despite yesterday’s gold price rally, long-time commodities investor Dennis Gartman noted that the yellow metal has made a series of lower highs thus far in September. Along with this bearish technical development, Gartman contended that gold could fall victim to further broad-based liquidation if financial markets continue to sell-off due to escalating sovereign debt issues in Europe.

In his daily Gartman Letter, he wrote that “Gold’s fortunes… seem to be waning at the moment…A move downward through $1802¬$1807 would likely set off a sizeable sum of stop loss orders. Caution… and we think rather extreme caution… is advised.”

Marc Faber, another well respected investor and market pundit, also appeared cautious on the short-term outlook for the gold price. In a recent interview with The Daily Ticker, Faber – author of the widely followed Gloom Boom & Doom Report – predicted that the price of gold is likely to remain quite volatile in the short-run.

Over the longer-term, however, Faber remained far more upbeat on the potential for higher gold prices. “Gold will be very well supported” in the coming years due to the continued debasement of fiat currencies – particularly the U.S. dollar and euro.

When compared to the amount of wealth created in emerging markets over the last decade and the increase in the global monetary base, the price of gold is “relatively low,” Faber contended. Although he did not provide a specific gold price target, Faber noted that “according to some statistics the gold price today should be worth between $6,000 per ounce and $10,000 per ounce.”

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