Marc Faber : Accumulate Gold, invest in Silver

Marc Faber, publisher of the Gloom, Boom & Doom report,interviewed in Honk Kong by Bloomberg talks about his investment strategy and the outlook for global financial markets said that he Likes Gold, Silver and Will Keep Accumulating Gold . Marc Faber : not to own any Gold is to trust central bankers and that you do not want to do in your life : .. Yes I still like Gold and Silver but I think they'll go down for the next three months or so but I wouldn't short them and I keep on accumulating gold , I think Gold in the long run not not to own any gold is to trust central bankers and that you do not want to do in your life

Marc Faber Gold outlook

Marc Faber : "...First of all it is true that gold has gone up from $252 in 1999 to now $1550 an ounce. However, at the same time over this 11-year period, the quantity of money in the world and the quantity of credit in the world has exploded. So that I could make a case that actually maybe gold is cheaper today than it was in 1999 adjusted for the increase in the quantity of money and credit.

Secondly, today we have many more people that have become affluent, just think of the well-to-do people in India, then Indian middle class, the middle class in China, the well-to-do people in China, it has exploded over the last 11 years. And all these people I guarantee you, they are all essentially flooded with US dollars and so for them to take a little bit of their money and park it into gold is a no-brainer in the long run. I go to many conferences every year.

They usually ask the audience even at resource conferences, how many of you have more than 5% of their portfolio assets in gold? I have been at a conference in Singapore two days ago, among 500 people involved in real estate, not one had more than 5% of his assets in gold. I guess most of them did not have any gold at all, and so if someone tells me it is a bubble, I can tell you in year 1999-2000, the whole world was gambling in NASDAQ stocks, in telecom stocks and the media companies everywhere in the world. Now most people that I know have actually already sold their gold. " - in ET Now

Marc Faber : Gold price could go down $2000

Marc Faber : Well I basically focus more on gold than silver, although I am on the board of a company, Sprott Inc., that is identified with a very bullish view of silver. I prefer gold. My view is, yes, I have been positive for gold for the past 10 or 12 years and I could make a case that gold today is cheaper than it was in 1999 when it was at $252. Cheaper in the sense that if I compare gold to international reserves or to the increase in the credit markets in the world, I don't think it's expensive. And yes, I think it will go higher or, expressed differently, that paper currencies will go lower against the value of gold. But this will be an irregular process, and along with this move into US Treasuries and away from risky assets, I wouldn't be surprised if the price of gold went down $200. It's not necessarily a prediction, it just wouldn't surprise me. - in The Daily Bell