Last Updated : 31 January 2013 at 19:45 IST
Marc Faber: You are in great danger because you don't own any gold
Source :Gold Core, SBWIRE
“Sorry to say you are in great danger because you don't own any gold...but you have a golden personality!”
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The crises that await the world would be systemic and there could only be one way to avert the same when the tide turns against you: own gold!
“Yes it does go up and down but I am fearful of a systemic crisis, wars and so on and it is because I am fearful that I own gold,” said Marc Faber to CNBC financial journalist Maria Baritromo in a recent interview; Gold Core said in an update.
“You said a minute ago that markets go up and down, doesn’t gold go up and down too?” asked Baritromo in an interview.
“Yes it does go up and down but I am fearful of a systemic crisis, wars and so on and it is because I am fearful that I own gold,” said Faber.
Faber then asked Baritromo if she owned any gold. Her response was that she owned earrings and jewellery.
Faber replied, “Sorry to say you are in great danger because you don't own any gold...but you have a golden personality!”
So much for the interview.
The governments around the world are incurring huge deficits (“rack upward huge deficits”) that would trigger financial as well as political breakdowns, Faber said recently.
"No federal government complies with something." he said.
Faber thinks the only way to genuinely change things is actually through reform and revolution. Based on Faber, both the U.S. as well as Europe are getting closer as well as closer to such a revolution, because shown by Occupy Demonstrators as well as austerity riots alike.
As far as The United States is concerned, Faber thinks the debt will stay above a trillion dollars per year with regard to quite some time, regardless of who resides as President.
Instead of finding a better executive-in-chief, American nations should focus their energy on making bureaucracies smaller and reducing federal government by at least 50 percent. According to Faber this would provide an immediate improvement in the actual economy.
Looking forward, Faber isn't optimistic around the West; he has his eye on Asia instead: marketplaces like the Philippines, Indonesia, Malaysia, and Singapore tend to be up dramatically.
Investors may also anticipate a rebound for the Far East and Japan.
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