Marc Faber on The Squawk Box CNBC 23 Aug 2011

People should buy gold today because there is a huge run in precious metals recently and I think they need to consolidate and shake out the weak holders, Dr. Marc Faber , author editor and publisher of the Gloom, Boom, and Doom Report, who adds that everyone should hold some gold because it is a form of cash. He also weighs in on emerging economies, saying the individual household is not highly leveraged as most in the western world are.

Marc Faber :"I'm not certain that people should buy gold today because we have a huge run in precious metals recently and they need to consolidate or shake out the weak holder. I would expect the correction in gold to occur. I think that everybody should have some gold if they want to own some cash because gold is the most honest form of cash people can own" "well, it's (ETFs) a claim on physical gold. i prefer if investors hold physical gold in a safe deposit box ideally outside of the u.s. in various locations, Switzerland, Singapore, Hong Kong, Australia, Canada. " "I think it's important in today's very uncertain world to diversify not only the various asset classes, in other words equities, bonds, gold, real estate and also the custody of your assets should be in different jurisdiction , I don't trust anyone"
Contrarian Investor Dr.Marc Faber is an international investor known for his uncanny predictions of the stock market and futures markets around the world.

Marc Faber : the S&P Wont Surpass 2011 High of About 1,370 - 23 Aug 2011

Aug 23 2011 Bloomberg -- Marc Faber, publisher of the Gloom, Boom & Doom report, talks about global financial markets, commodities and investment strategy. Faber speaks with Carol Massar and Matt Miller on Bloomberg Television's "Street Smart."

Contrarian Investor Dr.Marc Faber is an international investor known for his uncanny predictions of the stock market and futures markets around the world.