Marc Faber: ‘There Is No Safe Asset Anymore’

Let’s turn away from my neck of the woods for now and focus on what the “crash prophets” are saying (and more importantly, doing) these days in the midst of major volatility in the financial markets. First up is Swiss-born investment advisor/money manager Marc Faber. The publisher of the monthly investment newsletter The Gloom Boom & Doom Report appeared on Bloomberg TV’s Market Makers on September 2, and when asked which asset class he thinks “offers either safety or the prospect of meaningful capital appreciation for more than the short term,” Dr. Faber told viewers:

I think that because of modern central banking and repeated interventions with monetary policy, in other words with QE, all around the world by central banks, there is no safe asset anymore. When I grew up in the fifties it was safe to put your money in the bank on deposit. The yields were low but it was safe. But nowadays, you don’t know what will happen next in terms of purchasing power of money. What we know is that it’s going down. And I would say if I had to turn anywhere where, as you say, the opportunity for large capital gains exists, and the downside risk in my opinion limited, it would be the mining sector, specifically precious metals. Mining companies, in other words, gold shares. And I would also look at, as you just mentioned before, stocks like Freeport, Newmont, American Barrick that have been hammered because of falling commodity prices. Now commodities may still go down for a while, but I don’t think they’ll stay down forever…

I would rather focus on precious metals- gold, silver, platinum- because they do not depend on industrial demand as much as base metals as industrial commodities.


“Mark Faber: There Is No Safe Asset Anymore”
Bloomberg Video

Christopher E. Hill
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)

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