Marc Faber on The Gold Standard

Marc Faber : well to some extent we are already in a world where Gold has an increasing role in the sense that its price has adjusted upward not as much as the quantity of money since the mid 1980s and not as much as the government debt in the mid 80s but it has adjusted on the upside so what we have is not necessarily a rise in the gold price but the falling value of paper money against the value of gold and I think increasingly people will move their cash into gold but you have to understand this is a very difficult process because a lot of people purchase new gold under the influence of the economic Sufism that is being broadcasted by central bankers and the Keynesian economists as a relic of past times and as a bubble , I was in Taiwan and in South Korea last week and I have huge audiences at conferences and nobody owns any gold nobody , if I had been to these conferences in the year 2000 everybody would have been loaded with technology stocks media stocks telecommunication stocks , but the fact that nobody owns Gold shows me that it is not ye a bubble and I think that eventually more and more people will come to the view that Gold is not a commodity but is a substitute for US dollars Euros and other paper currencies which can be printed in unlimited quantity whereas Gold is limited by the annual supply ...- in Everything Financial Radio - December 04 2011
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