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Legendary investor claims the media is biased against gold

The price of gold topped $1,300 in mid-day trading on Thursday.
The price of gold topped $1,300 in mid-day trading on Thursday.
Photo by Mario Tama/Getty Images

Gold's downward run over the last few years is at least in part due to the media's disinterest in the precious yellow metal, investor and investment publisher Marc Faber told CNBC.

In his appearance on the cable news network's program "Futures Now," Faber claimed that the mainstream media "doesn't like gold."

"Nobody at CNBC owns gold. Nobody at Bloomberg owns gold. Gold is being constantly talked down by the media, and Fed officials, and economists, who also don't own any gold. They're all stocked up in equities," said Faber, who publishes the Gloom, Boom & Doom Report.

"When people talk about people who are optimistic about gold, they call them 'gold bugs.' A bug is an insect. I don't call equity bulls 'cockroaches.' Do you understand? There is already a negative connotation with the expression of 'gold bug,'" explained Faber.

When gold hit all-time highs in September 2011, Faber said that the precious metal was "dirt cheap" and suggested that gold could climb as high as $10,000 per ounce. Although gold has lost a third of its value since then, Faber is a calculated bull who believes in gold's long term value.

"I have an exposure of approximately 25 percent, and just recently when it dropped, I bought some more," Faber told CNBC. "Nothing is particularly cheap, [but] gold is relatively cheap compared to equities at the present time."

The price of gold climbed sharply during the trading day on Thursday, cresting the $1,300 milestone at around noon Eastern Time for the first time since May 14 of this year.

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