Saturday, July 27, 2013
Marc Faber : I was expecting GOLD to be in a correcting mode after 2011, but I didnt expect the price to come down this much
Question: Do you think that gold is going to continue with losses in this year? It seems to be stabilizing a bit, the same as silver, based, basically, on Ben Bernanke’s QE to infinity statement just yesterday. Or do you think the losses are going to keep going into 2014 and gold is going to be stagnant and going sideways?
Marc Faber : You mean that gold would go down further? To tell you the truth, I was expecting gold to be in a correcting mode after 2011, but I didn’t expect the price to come down this much because had I expected it to happen and had I been sure about it happening, I probably would have sold my gold and bought it back more recently. Equally, I have an asset allocation and I don’t feel comfortable holding cash with banks. I don’t feel comfortable with any paper currencies, so at all times, I want to have some of my money in metals.
Whether it will go lower or not, that I don’t know. Actually, my physical gold, I don’t even value. I know that I have it, and whether it goes up or not, it doesn’t change the fact of my decision to own it or to sell it. My decision is to at all times hold gold. - in ETF Daily News
Marc Faber is an international investor known for his uncanny predictions of the stock market and futures markets around the world.
Posted by Nicole Bourbaki