Back in mid-January, I blogged about a piece on the Chicago-based Commodity HQ website that claimed “Doctor Doom” Marc Faber buys gold every single month. Yeah, the publisher of the monthly investment newsletter The Gloom Boom & Doom Report is that sold on the precious metal. And this past Tuesday, the Swiss-born investment advisor and fund manager told attendees at the Mining Indaba forum in Cape Town, South Africa, that holding some investments in gold and other precious metals was extremely important. Paul Garvey reported on The Australian website Wednesday:
Dr Faber repeated his long-held belief that money-printing by governments around the world made gold a must-have investment.
“I would have 25 per cent [of my investment portfolio] in equities, 25 per cent in bonds, 25 per cent real estate, 25 per cent gold, and 25 per cent cash,” he said.
“I know it doesn’t add up, but I have now the accounting standards of US Treasury.”
When I read this part of the article, I actually tabulated those percentages, saw that they added up to 125 percent, shook my head, added up the numbers again, shrugged, then continued on.
Then I saw the next line.
What a knucklehead I am.
And who could have thought someone the financial media has nicknamed “Doctor Doom” could be so funny?
Jokes aside, he said holding some investments in gold and other precious metals was vital.
“I would strongly advise you, for your children and so forth, don’t keep your money in cash. I’m not saying rush out the door and buy gold, I’m just saying that over time it’s likely that, as has happened throughout history, paper money has always lost value.”
(Editor’s note: Italics added for emphasis)
Lost value? How about all fiat currencies throughout history have eventually ended up being worthless.
By Christopher E. Hill, Editor
Survival And Prosperity (www.survivalandprosperity.com)
(Editor’s notes: Info added to “Crash Prophets” page; I am not responsible for any personal liability, loss, or risk incurred as a consequence of the use and application, either directly or indirectly, of any information presented herein.)
Garvey, Paul. “Don’t bank on China demand, says contrarian Marc Faber.” The Australian. 6 Feb. 2013. (http://www.theaustralian.com.au/business/mining-energy/dont-bank-on-china-demand-says-contrarian-marc-faber/story-e6frg9df-1226571547996). 8 Feb. 2013.
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