Marc Faber on CNBC 23 Aug - I would expect a correction in Gold to occur

Marc Faber on CNBC Tue 23 Aug I would expect a correction in Gold to occur Marc Faber :"I'm not certain that people should buy gold today because we have a huge run in precious metals recently and they need to consolidate or shake out the weak holder. I would expect the correction in gold to occur. I think that everybody should have some gold if they want to own some cash because gold is the most honest form of cash people can own" "well, it's (ETFs) a claim on physical gold. i prefer if investors hold physical gold in a safe deposit box ideally outside of the u.s. in various locations, Switzerland, Singapore, Hong Kong, Australia, Canada. " "I think it's important in today's very uncertain world to diversify not only the various asset classes, in other words equities, bonds, gold, real estate and also the custody of your assets should be in different jurisdiction , I don't trust anyone"

To some extent we are in QE3 already

Marc Faber : I think what he (Ben Bernanke) will say is that they are monitoring the situation and that they will take "appropriate measures" when they are required and I just like to mention to some extent we are in midst o fQE3 already because by announcing that the FED will keep Zero interest rates until the middle of 2013 they basically encouraged financial institutions to borrow short term and to buy ten years treasuries - in Bloomberg 23 Aug 2011