MARC FABER: I would say Goldman Sachs is very good at predicting lower
prices when they want to buy something. But that is a (inaudible) I
would say, yes, we are down from $1,900 to $1,160 or something like
this, and it’s been a miserable performance since 2011. However, from
the 1990 lows we’re still up more than four times. So I just looked at
performance tables over 10 years and 15 years. Gold hasn’t done that
badly, has done actually better than stocks.
Now I personally, I think that we may still go lower. It’s possible.
I’m not a profit, but I’m telling you I want to own some gold because I
don’t trust the financial system anymore. I think the whole thing is
going to collapse one day and then I’ll be happy to have some assets.
But of course the custody (ph) is important. I wouldn’t hold my gold at
the Federal Reserve because they will lend it out. I wouldn’t hold my
gold in the US at all.
Contrarian Investor Dr.Marc Faber is an international investor known for his uncanny predictions of the stock market and futures markets around the world.
