Over the last week there have been a several different reports regarding Dr. Marc Faber’s comments about his short- and long-term outlook for gold.

In one instance, there was a report from Commodity Online that Dr. Faber suggested the price of gold would drop under $1000, back to the $800 to $900 level.

Legendary investing guru Marc Faber says gold price is rising without any fundamental factors and thus the price of the yellow metal will plunge to $900-$800 levels.

Faber, celebrated author of Gloom, Boom & Doom Report says that gold prices will dip in the short term, falling to $800 an ounce from current values around $1,117.

A Bloomberg report from the day before said that Marc Faber believed gold will never drop below $1000 again.

“We will not see less than the $1,000 level again,” Faber said at a conference today in London. “Central banks are all the same. They are printers. Gold is maybe cheaper today than in 2001, given the interest rates. You have to own physical gold.”

Since there seemed to be a little bit of confusion, SHTF Plan contacted Dr. Faber, publisher of the Gloom Boom & Doom Report, and asked him to clarify these two reports and his outlook on gold. Here is Dr. Faber’s response, provided to us November 13, 2009:

“What I said and also wrote in my last report is this:

If the gold price breakout move above $ 1000 is real then gold should not decline again below the $950 – $1000 zone. Before, this range was resistance and now it should be a support range.

However, if gold dropped below this range than I would be very concerned that a decline to around $ 800 could take place.

I have consistently repeated that I hold gold and that I recommend the accumulation of gold.”

Marc Faber’s long-term gold outlook has not changed from a year ago and his recommendation to hold and accumulate suggests he is looking for additional price gains.

However, with the recent inverse relationships between the dollar and asset prices, including commodities and stocks, a rally in the dollar may have negative consequences for not just stock markets, but gold, as well. Whether a pull-back will occur is hard to say, though Dr. Faber has recently said that The Dollar Can Easily Rebound.

For short-term gold traders, proceed with caution. For long-term holders of gold, the up-trend is still intact.

A big thank you to Dr. Faber for clarifying his comments on gold.

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