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Marc Faber: Bloomberg interview on gold and stocks
Posted on 01 December 2008 with no comments from readers
Veteran contrarian commentator Dr. Marc Faber maintains that physical gold should be held outside the United States and is also now recommending junior gold exploration stocks. This is one of the best short commentaries on the state of US capital markets I have seen in ages. He sees a ‘very strong rebound’ for gold explorers which have been ‘hammered’. US stocks will rally further he maintains, at least for a short while. In January to March next year you must get out as the economy will implode, he adds.
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Why does Marc feel Americans with gold should store it out of the USA? Anyone …
Why does believe that US citizens should hold their gold OUTSIDE of the USA?
Will it be difficult to sell? Only able to sell back into worthless US paper? Price strictly controlled? Risk of seizure? Risk of theft during anarchy?
Why wouldn’t silver have the same risks?
I can’t speak for Marc but let me guess. The US banned the ownership of gold by private individuals in the 30s and could do so again – you remove this possibility by the simple expedient of holding it overseas. Silver could carry the same risk but as an industrial commodity I doubt it would be possible to seize it.
Not sure about the security risk inside the US but too many people own guns there for my liking, and that would have an impact on any social disruptions.
Because Dummies,
The U.S. economy will disintegrate.
Why? Because when a household spends
itself into bankruptcy they soon starve.
Take the wool away from your eyes, ignorant
sheep!
So buy/store gold at the Perth Mint? That’s another piece of paper. I’d rather ship what I have to relatives outside of the US if need be.
And if you have the ETFs, GLD and GDX, sell January to March, or at the end of rally? What about the ultra short ETFs like SDS or QID? Why stay away from ETFs? All ETFs? I’m not in a position to diversify and buy several different mining stocks. I also plan on shorting the market with ETFs if we take another trip downward.
Personally I plan to hold on to gold and not try to get too clever with shorting, etc. I know better brains than mine who were wiped out over the summer playing that game. Perth Mint is a store of physical gold and not a paper factory! Really I think the paranoia over what you hold is overdone, it will be the asset class that counts when things get rough. But diversify your holdings and that ought to be enough insurance, and besides I never tire of warning that bullion is not a safe thing to hide – it is far more likely to be stolen than for any third party to fail.