Economist Marc Faber, publisher of the Gloom, Boom and Doom report, says he has no ambition of selling his gold as long as certain U.S. leaders remain in office.
“I own my gold and I will never sell it, especially when I see monkeys like Ben Bernanke, Larry Summers, Tim Geithner,” Faber says.
“When I’m looking at all these characters in government, I want to own physical gold,” he says.
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“The question is will there be a crisis of confidence in all paper monies and what will the reaction of investors be?” Faber told The Daily Crux. “I would imagine that when the crisis really emerges, you’d see people flee from all paper currencies into precious metals.” If you want to know the gold bullion price today, feel free to call Money Metals Exchange for a free expert consultation today.
Faber wouldn’t rule out a gold price move to the $950-$1,000 level, where gold broke out last year, but expects that if gold goes lower than $1,050, the Chinese will start buying more. “I think they’re waiting for lower prices,” Faber says.
“We’re just coming out of a seasonal period where gold is often weak, and heading into a period of seasonal strength, so it’s possible gold may start outperforming here.
“The price of gold is under pressure as the euro is lower versus the U.S. dollar after a recent rally, goldalert.com reports, hovering above $1,150 per ounce.
Analysts believe that if China revalues its currency, there would be lower demand for dollar-denominated assets, which would lower the value of the U.S. dollar and strengthen gold.
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I’m going to have to agree with Faber. Would you not agree you’d be better off if you owned 50-1000+ pieces of Gold Coins if you’d had held on to them for over 20+ years? I personally believe you deserve to have a diverse collection of assets. Don’t ignore a hard asset like Gold and Silver. Stock up and store them in your safe deposit box. It feels great to know that you OWN something of value. Doesn’t it?
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