"What we have is a general downturn in the global economy at the present time that will have a negative impact on earnings," he said. "That's why the markets are selling off and emerging markets have been selling off for a long time. The U.S. was in lalaland to believe that their economy and their corporate earnings would not be affected."
Faber says U.S. equity markets are currently "extremely oversold" and that a short-term rebound may be in the mix, but he argues more pain is likely to emerge. He also highlights precious metals as the one asset class that may offer a glimmer of hope for commodity-producing economies such as Canada and some safety for investors looking to shield their investments.
"There's not much other good news for Canada at the present time," Dr. Marc Faber told BNN recently to watch the full interview click here : http://www.bnn.ca/News/2015/8/21/Faber-warns-of-global-gloom-as-Chinas-economy-sputters.aspx
Marc Faber is an international investor known for his uncanny predictions of the stock market and futures markets around the world.Dr. Doom also trades currencies and commodity futures like Gold and Oil.
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