Friday, November 21, 2014

Faber: I am my own Central Banker. I own my own Reserves, in Gold

Marc Faber: Everyone always says, I want to buy low and I want to sell high. So I think for me, of course I own a lot of gold, and I need to buy more to keep asset allocation between 25% in Real Estate, 25% in equities, 25% cash and bonds, and 25% gold. I need to buy more. So for me this is a very happy event. I don't like to buy gold at $1,900 like in 2011. I like to buy it here or lower.

Gold Broker: Do you think it will break under $1,000 like some people say?

Marc Faber: Look. The forecasting record of people is horrible, in particular, the forecasting record of the Federal Reserve. So, I don't know, maybe it will go below $1,000 but my sense is that it will not stay below $1,000. .... I would use the current weakness as a buying opportunity. ... I'm telling everybody, you as an investor, and me as an investor, we cannot trust the government. ... I am my own central banker. I keep my own physical gold. I do not trust anyone of these FCKs.

Gold Broker: [Asked Faber about the possibility of a stronger US$]

Marc Faber
: [Laughed then replied] ... Of all the currencies I see in the world, there are only four that I like: Gold, Silver, Platinum, Palladium. Nothing else.

Gold Broker: How do you see the Swiss Gold Initiative? How does that affect the gold market?

Marc Faber: I do not think it will affect the gold market. I am in favor of the gold initiative. ... And I would suggest they [the Swiss National Bank] should hold their foreign reserves 100% in gold, not just 20%. But equally, I am saying to myself I am my own central banker. I own my own reserves, in gold.

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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