Tuesday, August 12, 2014

Faber said he still owns 10-year U.S. Treasurys

"We had a significant correction in many shares, and as of [the] Thursday night close, the markets on a very short-term basis were extremely oversold with only 20 percent of shares above the 50 day moving average," Faber said on "Squawk Box.""Now a rebound is underway in my opinion. But I doubt we will make new highs, and if we make new highs, maybe just with the very limited number of shares, because the technical damage is quite significant," he said.

"I think the future returns will be very low. You take a 10-year Treasury, which I still own, from here on, for the next 10 years, the maximum you will earn is 2.42 percent per annum, so I think we will have a very low return environment," he said.

"I think we will see it [a downturn in markets] first and we have seen symptoms of it already in the credit market," 

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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