Marc Faber on Silver Gold precious Metals and China

Marc Faber on CNBC Squawk Box 21 April 2010

Marc Faber : well I have maintained the same view regarding Gold and other precious metals for essentially the last ten years and this is to gradually accumulate physical gold and silver and if you want to have a riskier exposure to buy some gold exploration companies from time to time when they become cheap as a year ago , or some of them are still reasonably good value at the present time ...so this is say a long term strategy because in an environment where government will print money , and I am convinced they're going to bail out Greece which means you transfer essentially bad assets onto the balance sheets of the government and when that happens the purchasing power of paper money goes down , it is not that precious metals go up , it is the paper money that goes down relative to precious metals so in that environment I think you and also Bernie should all accumulate some gold , I told Bernie since gold was at $300 the day the Swiss national bank sold gold I said to Bernie now you should buy it because that was a buy signal ..

Marc Faber : That's true I do not trust anyone and I do not even trust myself a hundred percent , so here you have it ..how you can trust yourself , we are all humans we make mistakes ...
regarding China Marc Faber says : well I want to tell exactly what I think about China and also about the world , I think the growth such as we have at the present time in China is completely unsustainable in the long run , now can they sustain it for another half a year , can the property price increase go on for while ? yes ...I thought that Japan was overvalued in 1988 and it took another two years until it collapsed , i thought the NASDAQ bubble was very mature already in a998 it took until march 2000 until it broke down , but the longer you postpone crisis and this is what I object to the current government intervention i so called solving the crisis , they have not solved anything they just postponed it , and the ultimate Armageddon will be much worse than had they taken the recession already ..in 98 when LTCN went bust instead of bailing it out they should have lt it go bust that we should have given the signal to the market that the government and its agent the federal reserve does not bail out institutions all the time , in year 2000 we could have taken a minor recession it would not have been a disaster , but in year 2008 it was much worse and next time around the government will go bust and we will be all doomed because before they'll go bust they'll print money and they'll go to war ...



Dr Marc Faber was born in Zurich, Switzerland. He went to school in Geneva and Zurich and finished high school with the Matura. He studied Economics at the University of Zurich and, at the age of 24, obtained a PhD in Economics magna cum laude.
Between 1970 and 1978, Dr Faber worked for White Weld & Company Limited in New York, Zurich and Hong Kong.
Since 1973, he has lived in Hong Kong. From 1978 to February 1990, he was the Managing Director of Drexel Burnham Lambert (HK) Ltd. In June 1990, he set up his own business, MARC FABER LIMITED which acts as an investment advisor and fund manager.
Dr Faber publishes a widely read monthly investment newsletter "The Gloom Boom & Doom Report" report which highlights unusual investment opportunities, and is the author of several books including “ TOMORROW'S GOLD – Asia's Age of Discovery” which was first published in 2002 and highlights future investment opportunities around the world. “ TOMORROW'S GOLD ” was for several weeks on Amazon's best seller list and is being translated into Japanese, Chinese, Korean, Thai and German. Dr. Faber is also a regular contributor to several leading financial publications around the world.
Dr. Marc Faber also known as Dr Doom is an investment adviser, investment analyst and fund manager author and publisher of the Gloom Boom & Doom Report ,and the author of "Tomorrows Gold" . Dr Faber is known for his contrarian investment approach. Dr Marc Faber is associated with a variety of funds and is a member of the Board of Directors of numerous companies.
In 1987 he warned his clients to cash out before Black Monday on Wall Street. He made them handsome profits by forecasting the burst in the Japanese Bubble in 1990. He correctly predicted the collapse in US gaming stocks in 1993; and he foresaw the Asia-Pacific financial crisis of 1997/98 and the resulting global volatility. Dr Doom motto is "Follow the course opposite to custom and you will almost be right"
Mr. Faber is also the author of several books, including Tomorrow’s Gold – Asia’s Age of Discovery, and is a director of Ivanhoe Mines Ltd. , a mining firm focused on the Asia Pacific region. He is also an adviser to a number of private investment funds.