Marc Faber: Buy Some Gold Every Month ‘Forever’
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According to Marc Faber, the editor and publisher of The Gloom, Boom & Doom Report, everybody should buy some gold every month “forever” or look to EMs stocks rather than U.S. share.
“Gold is not the liability of someone else…its quantity cannot increase at the same rate as you can print money, which will eventually…weaken the US dollar,” Faber told CNBC on Thursday in a live interview.
“I’m not saying that the dollar will go straight away down because other currencies apparently like the euro are even worse than the U.S. dollar at the present time,” he added. “But eventually if you print money, the purchasing power of money will lose [value] and what will happen is stocks will adjust on the upside…if you believe in equities, I would rather buy Vietnamese shares than U.S. shares because I can make the case that the economy there will grow much faster than in the United States, from a much lower level admittedly” Faber said. “Or I would buy Indian, Chinese, Malaysian shares. I think there are better alternatives than U.S. stocks,” he added.
During his interview Faber touched on the EU’s situation. He said he believes Greece will be bailed out indirectly by the ECB, but the plan won’t succeed. He also said “other counties like Spain and Portugal will also have to be bailed out eventually, and it will lead to more monetization in Europe.”
Reprinted from the Wall Street Pit.