Crash Prophets

Welcome to Survival And Prosperity’s “Crash Prophets” page, where the latest investment activities/recommendations of the “Crash Prophets”- Dr. Marc Faber, Jeremy Grantham, Jim Rogers, and Peter Schiff– that can be found through freely-available sources on the Internet are compiled. For the corresponding SP blog post, please select the dated link found at the end of the line of text. Please note the date represents when the activity/recommendation took place (approximately, in some cases), not the corresponding SP post was published.

(Important: A qualified professional should be consulted prior to making a financial decision based on material found in this weblog. If this recommended course of action is not pursued, then it must be understood that the decision is the reader’s and the reader’s alone. The creator/Editor of this blog is 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 contained herein.)


Last updated 2/8/17

Dr. Marc Faber:

Art- Likes art as it’s outside the banking system (7/23/15)
Bonds- “I would hold some bonds” (2/20/16); owns (2/10/15); “Future returns will be very low” (8/11/13); “Now I believe the next step will be that both stocks and bonds will go down at the same time” (5/8/14); “We are once again in a massive financial bubble in bonds” (11/29/13); in a bubble (11/19/13); “Bonds, which are extremely oversold, could rebound” (2/21/13); “Not hugely attractive” (3/25/12)
Bonds-Corporate- “I like issues from Russia, Kazakhstan and India with yields of 5-6 per cent, but they are not 100 per cent safe unless they are triple-A” (9/14/13); “I still have 25 per cent in equities and 25 per cent in corporate bonds” (5/8/13); “Equity-like corporate bonds could form 25% of a portfolio” (3/25/12)
Bonds-Government- “I think the Treasury market is not such a bad alternative” (12/29/14); has bought Treasury bonds, recommends purchase of 10-year Treasury notes (1/28/14); “Treasury market is now very oversold and could rebound” (9/9/13); thinks U.S. Treasury bonds “attractive” (9/3/13)
Cash- “I would hold some… cash” (2/20/16);Likes cash to acquire assets when bubbles pop (7/23/15); “For the next 6 months, maybe cash is the most attractive” (5/8/14); has a lot of cash (1/28/14); warns against holding in banks (9/3/13); as he now predicts 100% chance of global recession, likes cash (5/25/12); “Not hugely attractive” (3/25/12)
Commodities-Crude Oil- “The most attractive assets in my view are gold shares and oil and gas shares. I think they still have significant upside potential this year.” (5/18/16); “I have been buying some oil stocks recently” (4/13/15); “Crude oil is probably, among the industrial commodities, the most attractive commodity because the supply of oil could be interrupted at some point” (11/8/13)
Currencies- “I recommend shorting the Turkish lira” (1/18/14); likes Malaysian ringgit, Singapore dollars (9/14/13)
Farmland- “Investment in remote farmland could pay off, as growing social tensions could make urban life intolerable” (3/25/12)
Precious Metals- “I happen to believe that the precious metals have probably bottomed out” (2/20/16); wants to own in anticipation of major stock market correction (4/29/15); inexpensive (1/13/15); “I prefer physical precious metals stored outside the U.S.” (12/29/14); “I think that we may still go lower- it’s possible, I’m not a prophet. 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.” (11/3/13); “But gold and silver, in my view, are relatively inexpensive” (9/25/13); holding some investments in gold and other precious metals was vital (2/6/13) could make up 25% of one’s portfolio (3/25/12)
Precious Metals-Gold- Would buy gold as it is “depressed” (11/29/16); should comprise 20% of investment portfolio (11/18/16); “The most attractive assets in my view are gold shares and oil and gas shares. I think they still have significant upside potential this year.” (5/18/16); now a good time to invest in gold bullion (1/23/15); predicts confiscation, new gold standard with price revalued “to say 10,000 dollars an oz” (8/7/15); recommends 25% allocation in portfolio (7/23/15); “Significantly undervalued” (5/8/15); central banks, governments will try to confiscate privately-held gold (2/10/15); “I’m positive [that] gold will go up substantially [in 2015]- say 30%” (1/13/15); thinks price may still go lower, warns (again) he wouldn’t hold gold in the U.S. (11/3/14); “I will never sell my gold and I buy every month some gold. I think it may still go down somewhat. But I wouldn’t be short gold.” (5/22/14); has 20 percent of his net worth in gold, recommends “the Market Vectors Junior Gold Miners ETF [GDXJ], although I don’t own it. I own physical gold because the old system will implode. Those who own paper assets are doomed.” (1/18/14); “I prefer physical gold” (11/8/13); prices bottoming out (10/26/13); “I think responsible citizens should own gold, period” (9/18/13); recommends 20 percent of portfolio in physical gold with bars in bank safe deposit boxes (9/14/13); “I think we will ease back a little bit” from recent rally (9/3/13); “I have a preference for physical gold held in a safe deposit box outside the United States and preferably in Asia” (8/16/13); “I bought gold at $1,400. I buy every month some gold. And I have an order to buy more at $1,300 because I want to keep an allocation towards gold- physical gold– and not stored in the United States at all times.” (5/20/13); maximum allocation to gold was 25% of assets (5/8/13); buys every month, sees another 10% or so decline still ahead, waits for 20% correction before adding significant stake (1/8/13); gold price going higher, own it, but get it out of the U.S. or it will be confiscated (9/14/12); “I think we’ve bottomed out” (6/7/12); says investors should own some gold, but it’s still in a correction period (5/25/12); “And I think people should own some gold” (4/2/12)
Precious Metals-Palladium- “Significantly undervalued” (5/8/15)
Precious Metals-Platinum- Would buy platinum as it is “depressed” (11/29/16); “Significantly undervalued” (5/8/15); when investor confidence in central banks collapses, plans to go long (1/13/15); “I tend to agree- that maybe platinum is the best precious metal right now” (11/13/13)
Precious Metals-Silver “Significantly undervalued” (5/8/15); when investor confidence in central banks collapses, plans to go long (1/13/15)
Real Estate- “I would hold some real estate” (2/20/16); likes real estate as it’s outside the banking system (7/23/15); wants to own in anticipation of major stock market correction (4/29/15); “Own some land and some property, not necessarily in the financial centers but in the secondary cities, is a desirable investment relatively speaking” (4/2/12); real estate in certain areas (like Asia) could be a part of one’s portfolio (3/25/12)
Real Estate-Asia- Owns (2/10/15); “The outlook for property in Asia isn’t bad because a lot of Europeans realize they will need to leave Europe for tax reasons” (1/18/14)
Real Estate-U.S.- “Future returns will be very low” (8/11/13); “There is one asset class that is relatively depressed, and these are properties in the South of the United States. In Georgia, in Arizona, in Florida- I think there, property values will not collapse much more, and stabilize” (4/2/12); calls some southern U.S. housing markets “very attractive,” specifically Atlanta, Miami, and Phoenix (2/22/12)
Stocks- “The most attractive assets in my view are gold shares and oil and gas shares. I think they still have significant upside potential this year.” (5/18/16); “I would hold some stocks”; “I believe the stock markets around the world will end the year lower” (2/20/16); reiterated he thought U.S. stocks would decline between 20-40 percent from the high reached in May 2015 (S&P 500 2,134), warned “I think the markets will still go lower” (1/23/16); wants to own particular ones in anticipation of major stock market correction (4/29/15)”I have been buying some oil stocks recently” (4/13/15); owns (2/10/15); precious metal stocks inexpensive (1/13/15); “We have a bubble in everything, everywhere– with very few exceptions” (9/19/14); rebounding, “Future returns will be very low” (8/11/13)l peak sometime between next 30 to 60 days, then drop 20 to 30 percent (7/28/14); “Now I believe the next step will be that both stocks and bonds will go down at the same time” (5/8/14); “I think it’s very likely that we’re seeing in the next 12 months an ’87 type of crash. And I suspect it will be even worse.” (4/10/14); “I wouldn’t take the risk necessarily to be investing now in U.S. equities” (2/25/14); Recommends shorting the Russell 2000 (1/18/14); warns “We are in a gigantic financial asset bubble,” and the global economy is slowing down (1/14/14); Facebook, Tesla, Twitter, Netflix, and Veeva Systems are “grossly overvalued,” and shorting a basket of these stocks will return at least 30 percent next year (12/19/13); “We are once again in a massive financial bubble… in stocks… I haven’t shorted any stocks yet because they may still move up. But I don’t see any value in stocks any longer, except very few sectors.” (11/29/13); in a bubble (11/19/13); “The S&P is relatively high” (9/25/13); “I don’t think that stocks are the greatest bargain anymore” (9/9/13); sees U.S. stocks down “maybe 20 percent” or more at end of 2013 (8/8/13); “I still have 25 per cent in equities and 25 per cent in corporate bonds” (5/8/13); “I think we have made an intermediate top. And it could be a longer-term top.” (2/21/13); the higher the U.S. stock market goes “the more likely we will have a nice crash, a big time crash” (1/30/13); “Near-term, a correction is overdue” (1/25/13); “Stock markets, from the recent highs, can easily drop 20 percent” (9/28/12); “And I think people should own some equities” (4/2/12); overvalued by March through June 2012? “Big setback” second half of year? (2/2/12); could make up 25% of one’s portfolio, especially emerging markets equities (3/25/12)
Stocks-Asia- Prefers to invest in Asia and emerging economies of Asia (12/29/14)
Stocks-China- Recommends Hong Kong stocks (7/28/14); “Chinese are clear that they are going to do something about railroads, about healthcare, agriculture, pollution” (11/25/13); “And I’m thinking- I haven’t done it yet- to buy at some point some Chinese shares” (6/4/13)
Stocks-Crude Oil- “The most attractive assets in my view are gold shares and oil and gas shares. I think they still have significant upside potential this year.” (5/18/16)
Stocks-Emerging Markets- Sees opportunities here (7/23/15)
Stocks-European- Owns stocks in telecom companies, utilities (11/19/13)
Stocks-Gold- “Gold shares, after the recent correction, are still attractive” (11/29/16); “The most attractive assets in my view are gold shares and oil and gas shares. I think they still have significant upside potential this year.” (5/18/16); “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” (9/2/15); “Only group that stands out as great value around the world are gold mining shares” (4/29/15); “I think gold shares are very inexpensive. So a basket of gold shares, I think, next year could easily appreciate 30 percent.” (12/19/13); “I have some holdings in shares like Newmont, American Barrick, Freeport-McMoRan” (11/13/13); “Numerous gold mining shares are now very inexpensive” (11/8/13); “Not terribly expensive” (10/26/13); “I think gold, and especially gold equities, is relatively- again, relatively-inexpensive” (9/25/13); I bought not long ago Newmont Mining, Freeport, Barrick, and because I’m a director of some companies, I own, because of this directorship, Ivanplats, NovaGold, Sprott Inc., and Turquoise Hill” (8/16/13); “Some gold mining shares have become very very inexpensive compared to the reserves they have” (6/21/12)
Stocks-India-– India’s stock market could rise by 15 percent in 2015 (12/10/14); “The macroeconomic outlook for India isn’t good, but an election is coming, and the market always rallies into elections” (1/18/14)
Stocks-Japan- “I want to buy more Japan on a setback.” (6/4/13)
Stocks-Natural Gas- “The most attractive assets in my view are gold shares and oil and gas shares. I think they still have significant upside potential this year.” (5/18/16)
Stocks-Real Estate- Sees opportunities here (7/23/15)
Stocks-Switzerland- Owns blue-chip company stocks (11/19/13)
Stocks-Vietnam- “I like Vietnam” (1/18/14); “I think the Vietnamese stock market, which this year was up 22 percent- which is not bad for an emerging market- will continue to go up” (12/19/13); “I’m buying Vietnamese shares” (6/4/13)

Jeremy Grantham:

Bonds- “Outlook for fixed income is dismal” (2/4/16); “Bonds, including government bonds, are a lot more dangerous than people imagine” (3/15/14); “All fixed income duration is dangerously overpriced;” long-term “developed market” government bonds unattractive; “Underweight as much as you dare long-term bonds, especially higher-grade sovereign bonds” (2/29/12)
Commodities- “All in all I am still very confident, unfortunately, that the old regime of irregularly falling commodity prices is gone forever” (8/4/15); “Own stock in the ground, own great resources, reserves of phosphorous, potash, oil, copper, tin, zinc—you name it. I’d be less enthusiastic about aluminum and iron ore just because there is so much. And I wouldn’t own coal, and I wouldn’t own tar sands.” (9/20/13); “In the long term, resources in the ground, forestry, and agricultural land are attractive, but come with the usual caveats of the risk of short-term over pricing, so average in.” (2/29/12)
Commodities-Agricultural- Thinks prices could come down short-term (2/29/12)
Commodities-Crude Oil- Sees “inevitable oil squeeze, which in my opinion is now likely to arrive in about five years,” reveals “I personally have been and will continue to be a moderate buyer of oil futures six to eight years out” (2/8/15)
Commodities-Industrial Metals- Anticipates a falling supply in the long run (4/30/13)
Commodities-Natural Gas- “Everyone who has a brain should be thinking of how to make money on this in the longer term” (2/29/12)
Fixed-Income Investments- “Fugetaboutit!” (3/4/13)
Real Estate-Farmland- One of his favorite long-term resources (1/30/14); “I would stay with distinctly stable countries—Australia, New Zealand, Uruguay, Brazil, Canada, of course, and the U.S.” (9/20/13); only moderately overpriced (3/4/13); reasonable investments can still be made (2/29/12)
Real Estate-Forestry- One of his favorite long-term resources (1/30/14); “Forestry is not a bad bargain, a little overpriced maybe” (9/20/13) Only moderately overpriced (3/4/13)
Stocks- “There are still no signs of an equity bubble about to break” (7/15/16); although not in bubble territory, is very overpriced (+50% to 60%)” “Will rally once again to become a fully-fledged bubble before it breaks” Bubble-level “would be at or around 2300 on the S&P” (2/4/16); expects stock market to go higher in the coming year before serious decline around the time of U.S. elections in late 2016 (8/6/15); “Well on our way” to a bubble in stocks, saying “I’m going to be incredibly prudent starting closer to the election… I recommend the same to you” (7/10/15); “I am still a believer that the Fed will engineer a fully-fledged bubble (S&P 500 over 2250) before a very serious decline” (11/20/14); suspects severe market decline not imminent, no bubble until S&P 500 reaches at least 2,250 (7/18/14); “High-quality stocks in the U.S. are not nearly as bad as the rest of the market,” “We are not even that close to a bubble… They’re 65% overpriced. If they go up another 30%, you would have a true bubble, at which point stocks would be close to twice their fair value.” (3/15/14); “U.S. market is already badly overpriced – indeed, we believe it is priced to deliver negative real returns over seven years,” “In our view, prudent investors should already be reducing their equity bets and their risk level in general,” “U.S. market, especially the non-blue chips, will work its way higher, perhaps by 20% to 30% in the next year or, more likely, two years” before market bust (11/19/13); top 10 2013 3Q stock buys revealed (11/15/13); thinks equities can go “a lot higher than this” with Fed backing, even reaching bubble territory (9/20/13); ex-quality, “brutally” overpriced (3/4/13); avoid in 2013 (10/24/12); “Materially overpriced;” “Heavily underweight U.S equities, but not the high quality quartile, which is almost fair price…”(2/29/12)
Stocks-European- “Only a little expensive, but in today’s world are substantially more risky than normal” (3/4/13)
Stocks-Foreign- “There are pockets of global equities that haven’t been swept along to anywhere near bubble territory. Emerging markets collectively are selling at very close to fair value. And the value stocks in most of Europe are pretty close to fair value.” (3/15/14); “Most foreign markets having moved up rapidly this summer are also overpriced but less so” than U.S. stocks (11/19/13); emerging market stocks overpriced (3/4/13); moving closer to fair value; “Slightly overweight other global equities, which are almost fair price… In total, be about neutral in global equities” (2/29/12)
Stocks-Japan- Moderately overpriced (3/4/13)
Stocks-U.S.-Metals Producers- Look promising in long-run (2/29/12)

Jim Rogers:

Asia- “My largest stock positions are in Asia- China, Japan, Russia is becoming bigger and bigger. So my positions are in Asia.” (4/30/15); likes China and Myanmar (1/21/13); “Rogers has put his money where his mouth is and is heavily into Japan, Taiwan, China, Korea and Singapore” (3/13/12)
Asia-China- “I am long in China– mainly because I have to be long somewhere.” (1/19/16); large stock position (4/30/15); money-making opportunities in agriculture, pollution-fighting, railroads, and tourism (9/22/13)
Asia-Myanmar- “I find it wildly exciting” (3/22/12)
Asia-North Korea- North Korea is now where China was in 1980, Myanmar in 2010 (9/15/14); “The only way to invest is to buy the stamps or the coins. And your viewers are not going to go out and buy North Korean gold and silver coins. But that’s a fabulous, fabulous opportunity.” (2/7/13); has invested here (2/5/13)
Bonds- Not buying right now (2/8/16); “I am short junk bonds in the U.S.” (1/19/16); thinks bond markets worldwide are in a bubble, short junk bonds (6/13/13)
Bonds-Government- “If I got a chance I would probably buy more [Russian government short-term bonds in rubles]” (4/12/16); “I bought recently some Russian government short-term bonds in rubles” (3/31/16); short long-term U.S. government bonds- main U.S. investment these days (2/7/13, 3/22/12)
Commodities- Not buying right now (2/8/16); “The permanent fundamentals are not bad enough yet that the bull market is over” (3/17/15); good investment during wartime (8/4/14); bull market will end when “sea of artificial liquidity” dries up and whole world collapses (12/3/13); undergoing correction, doesn’t see massive new supply coming into the markets that can keep prices down (5/17/13); maybe two-thirds of the way through commodity bull market (12/3/12); bull market continues, still long (9/7/12); mainly owns raw materials (4/25/12); long (3/22/12); “If the world economy gets better, the shortages of nearly all commodities are developing and I am going to make money in the commodities. If the world economy does not get better, they are going to print a lot more money. The place to be is in real assets…” (2/22/12)
Commodities-Agriculture- “I’m long agriculture” (3/31/16); “Agriculture’s extremely depressed, so I would look there to find places to invest in” (3/17/15); best ways to invest in agriculture- buy farmland and farm, farmland and lease to farmer, stocks (fertilizer and seed companies), agriculturally-oriented countries, commodities index, commodities ETF (12/11/14); forget finance, MBA degrees- agriculture and farming is where the real money will be made in the future (12/6/14); “I would rather own agriculture than anything” (2/5/13); long here more than anything else (10/17/12); “Put your money into anything related to agriculture” (3/13/12)
Commodities-Cocoa- “Optimistic” about cocoa (11/7/13)
Commodities-Coffee- “I am optimistic about coffee… Coffee is certainly down a lot, and it’s one that one should consider buying” (11/7/13)
Commodities-Cotton- Has potential (9/7/12)
Commodities-Crude Oil- “I don’t see enough panic yet in oil for me to step in. It does seem to be making a complicated bottom.” (2/10/16); bullish (1/28/16); “Whether we’re at a turning point or not, I don’t know yet, and I’m watching this very closely” (10/1/15); heading for “second test to the low” (7/14/15); headed higher and in a holding patter (8/4/14); bullish (5/26/14); don’t sell because glut/lower prices a “temporary thing” (11/7/13); when it goes down, buys more, as he thinks it’s going over $200/barrel in the coming decade (9/7/12); “The surprise with oil is going to be how high it stays, and how high it goes… the International Energy Agency has done a study. The world’s known reserves of oil are in steady decline. We have to find a lot of oil or the price of oil is going to go to unheard of heights. (4/25/12); owns it (2/22/12)
Commodities-Natural Gas- Investment opportunity (8/4/14); “I would look at natural gas, as any commodity that has that big a collapse should be looked at” (6/13/13)
Commodities-Rice- “Buy yourself some rice” (12/26/14)
Commodities-Sugar- “Sugar’s very depressed” (3/17/15); “Buy yourself some sugar” (12/26/14); “I am bullish on sugar” (5/26/14); buying sugar companies and sugar itself (9/16/13); “I have started buying some sugar” (8/27/13) Has potential (9/7/12)
Commodities-Water- Don’t own it, instead, “Find a way to transport, clean it or filtrate it” (7/20/13)
Currencies- Predicting turmoil in currencies- “There is not a sound currency anymore” (2/5/13); owns some U.S. dollars, but owns more Swiss Francs than any other currency these days (12/23/12); long (9/7/12); owns Euro (2/22/12)
Currencies-Canadian Dollars- “I own some Canadian dollars” (3/12/15)
Currencies-Chinese Renminbi- “I own Chinese renminbi” (3/31/16); Top three best currencies to hold in asset portfolio (3/12/15); “Will probably continue to do extremely well over the next few years” (7/14/14); could appreciate 500 percent in the next 20-30 years (6/6/13); interested in (2/5/13)
Currencies-Euro- Doesn’t own any (11/25/14)
Currencies-Hong Kong Dollars- Top three best currencies to hold in asset portfolio (3/12/15)
Currencies-Japanese Yen- Thinking about buying again (2/15/13)
Currencies-Russian Rubles- “As soon as the black gold finds the stable point the situation will improve for the rouble” (7/14/15); bought 11/7/14 (11/10/14); “I’m not buying the ruble so much naked. Not naked. But, I might. I might. You’re supposed to buy when there’s blood in the streets…” (5/13/14); owns a few rubles due to some investments in Russia, but not by themselves (8/1/13); interested in (2/5/13)
Currencies-U.S. Dollar- “I’m very long the U.S. dollar” (1/26/17); predicts will rise through 2017 into 2018 (1/23/17); “I’m long the United States dollar” (7/6/16); “I own a lot of U.S. dollars (3/31/16); “At some point… the dollar will get overpriced, maybe even a bubble. At which point I hope I’m smart enough to sell my U.S. dollars.” (2/11/16); “As the turmoil spreads, I expect more people will flee toward the U.S. dollar – I own a lot of U.S. dollars” at which point dollar may get overpriced, may become bubble (1/19/16); “He hopes he will be smart enough to get rid of dollars before the collapse happens” (7/14/15); top three best currencies to hold in asset portfolio (3/12/15); “Will go up stronger and stronger over the next year or two, at which point- some point- I’ll have to sell it.” (10/23/14); “At the moment I own it because when the turmoil comes many people will flee to what they see as a safe haven” (7/14/14); “I own the US dollar and have not sold any. In fact, probably I would have bought some more, if I weren’t talking to you.” (5/26/14); owns more dollars these days than he has in a long time, but predicts dollar calamity by 2020 (8/1/13); “The dollar is terribly flawed, terribly flawed over the next few years, so be very careful” (6/5/12); owns U.S. dollar (2/22/12)
Europe-Russia- “I am still trying to find some more things to buy in Russia” (5/26/14); “This is the time to buy Russia” (3/30/14); bought Russian ETFs (9/16/13); Thinks single best investment opportunity right now and investing there- “I’m buying the bonds, the currency, and stocks (2/7/13); “Optimistic” on the country and noted he had invested there (2/5/13); likes Russia (1/21/13)
Industrial Metals- Investment opportunity (8/4/14); “I’d rather buy base metals now than gold, for instance… The base metals are down substantially” (11/7/13); “Owns them all” (2/22/12)
Precious Metals- “Still waiting” for buying opportunity (4/30/15); “Everybody should own some precious metals as an insurance policy” (11/12/13); if he were investing for grandchildren, would choose precious metals in “real assets” (1/21/13); “Precious metals are going to make a lot of money for a lot of people in the next decade (6/5/12); long (3/22/12); “I expect the precious metals bull market to last at least for several more years” (3/20/12)
Precious Metals-Gold- Will buy gold after potential U.S. dollar bubble (1/26/17); “So the dollar will be up, gold will be down, and I will say ‘A-ha! I’m going to sell my dollars now and buy gold.’… Gold, in my view, will probably wind up in a bubble before this is over. But in the meantime I’m waiting to buy it lower, because the bubble is maybe a few years away.” (2/11/16); Not buying right now” (2/8/16); “Ending in a bubble maybe three or four years from now” (1/28/16); still not buying gold yet, predicts fall under $1,000 before turning into bubble (1/19/16); predicts gold price may drop to around $1,000, then rebound to $1,500. Will increase his gold holdings when price reaches $1,000 (11/26/14); suspects buying opportunity in next year or two (8/4/14); “If it goes down, I assure you I will be buying more gold and more silver” (5/26/14); “Possible that gold will go to between 900 and 1,000” (9/18/13); “Wonderful new highs” will be made, “but it may be a few years from now” (7/31/13); buying (6/20/13); undergoing correction, might start buying more around $1,300 level (5/17/13); wouldn’t buy gold at these levels- unless they were North Korean gold coins (2/7/13); don’t sell (2/5/13); sitting and watching it (12/23/12); still bullish (9/7/12); despite recent consolidation, “I’m not selling my gold by any stretch of the imagination” (4/25/12); doesn’t see it reaching $2,000/ounce in 2012 (2/10/12); “So I own gold. I am not selling my gold. I bought some gold on Monday a little bit. Not very much, but if gold goes down a lot, I would buy. I hope I am smart enough to buy a lot more gold. Gold is going to go much higher over the course of this decade. Do not sell your gold, not yet.” (2/22/12)
Precious Metals-Palladium- Use to protect against money printing (9/7/12)
Precious Metals-Platinum- Use to protect against money printing (9/7/12)
Precious Metals-Silver- ” I own some gold and silver which I have for years- I haven’t bought any recently” (3/31/16); “If it goes down, I assure you I will be buying more gold and more silver” (5/26/14); don’t sell (2/5/13); still bullish and likes better than gold (9/7/12); invested in (3/13/12); “Looks more attractive than gold at the moment” (2/22/12)
Stocks- “I’m short stocks in the United States (7/6/16); “I’m short in the U.S.” (3/31/16); Not buying right now (2/8/16); “I’m short in the U.S. stock market– the nine or ten stocks that never go down– Amazon, Netflix… those things.” (1/19/16); “I don’t have any shares in the U.S. for instance. I’ve got some shorts in the U.S.- it’s near all-time highs.” (9/14/15); predicts the Fed to ride to the rescue (rallying stocks) one last time before next crisis (8/31/15); “I’m still long stocks” (5/8/15); “Short sellers are going to earn a lot of money the next time around” (7/14/14); predicts panic once stimulus withdrawn (8/28/13); “We’re getting close to the end” of the bull market in U.S. stocks (7/20/13); short Apple and JPMorgan calls (2/7/13); sees “serious problems” by 2014 (10/15/12); short (9/7/12); “I’m very pessimistic about the U.S. stock market” (3/22/12); “I have only started to get back into stocks now, nothing serious” (3/13/12)
Stocks-China- “I own Chinese shares” (3/31/16); “I stopped buying stocks anywhere in the world last August… I see horrible problems in the world’s financial markets for a couple of years, so I’ not buying anywhere, including China.” (2/10/16); bullish on, having just bought more after exiting India (9/7/15); large stock position (4/30/15); “I bought more Chinese shares yesterday” (12/12/14); “I’m still trying to find… maybe some Chinese shares” (5/26/14); “I haven’t bought shares since 2008- November of 2008. But I’m starting to buy in a small way again.” (5/13/14); “Getting closer to a buy” (6/13/13); “I hope that the Chinese market collapses so I can buy Chinese shares” (3/22/12)
Stocks-Emerging Country- Predicts panic once stimulus withdrawn (8/28/13); short (3/22/12)
Stocks-Japan- Large stock position (4/30/15); “I want to buy some more if I get time off the phone to buy more Japanese shares” (12/12/14); believes opportunities in stock market as result of extraordinary central bank action (11/25/14); “I’m still trying to find… maybe some more Japanese shares” (5/26/14); owns them (2/7/13)
Stocks-Russia- Considering Russian oil firm Bashneft (BANE.MM), diamond miner Alrosa (ALRS.MM), tourism company, agriculture company (4/12/16); Russian stock position “becoming bigger and bigger” (4/30/15); buying shares (“I’ve been buying shares of the Moscow Stock Exchange”) (12/12/14); bought fertilizer maker Phosagro, airliner Aeroflot, “a Russia ETF and the Russian stock exchange, but he said was looking to expand into different sectors as well” (11/25/14); bought some during Crimean conflict, and “I’m looking right now” (5/13/14) bought last week, looking for non-energy companies, announced “this is the time to buy Russia” (3/30/14); starting to invest in Russian stocks (7/20/13)
Stocks-Technology- Shorted “top” tech stocks (2/9/16); “Avoid technology stocks, especially the mainly US-listed social media and biotechnology stocks as their valuations are extremely high… I will not be putting money there” (9/19/15); short tech stocks (1/30/12)

Peter Schiff:

Bonds- Stagflation will prick U.S. Treasuries bubble (2/22/16); in a bubble (9/6/15); “The end of QE will prick the current bubbles in stocks, real estate, and bonds” (9/17/14); in a bubble (5/12/14, 11/27/13); are going to “tank” from Fed money printing (8/16/13); Treasuries not safe havens, don’t want to own them if you expect significant money printing down the line (6/1/12); “On the verge of collapse” (3/18/12); doesn’t like long-term U.S. dollar-denominated bonds, government bonds, municipal bonds (1/30/12)
Bonds-Foreign- Likes bonds denominated in foreign currencies (1/30/12)
Commodities- “There will be big spikes in commodity prices, like energy and food” (10/17/13); prices will be going higher (2/1/13)
Currencies-U.S. Dollar- Predicts resumption of dollar decline next week (2/4/17); stagflation will lead to dollar collapse (2/22/16);”Inflation is going to keep on going up and that is going to cause a flight from the dollar” (2/5/16); “I think we’re going to see a big loss of value of the dollar, not just internationally and not just for tourists going to Europe. But as Americans try to buy things here in America. Things that they used to be able to afford are going to be completely unaffordable for the vast majority of Americans.” (9/6/15); in a bubble, sell (8/5/15); “We’re going to have a major economic crisis center around the U.S. dollar” (4/27/15); “Turn your dollars into something else, something of real, tangible value, that the government can’t create out of thin air” (4/14/15); “Because the crisis that’s coming is going to be a dollar crisis… the decline of the dollar is only just getting started.” (4/3/15); issues another warning about next crisis being a debt/currency/U.S. dollar crisis (10/31/14); “The bottom is going to drop out of the dollar” when QE reverses and people grasp the dilemma (1/28/14); the next crisis will be a currency crisis, “the beginning of the dollar’s collapse” (1/10/14); “Ultimately, we are still heading for a currency crisis” (12/20/13); “Eventually going to get hit hard” (11/27/13); predicts dollar collapse (10/25/13); is going to “tank” from Fed money printing (8/16/13); going lower (2/1/13); “Get out of dollars. Get out while you can.” (9/14/12); not a safe haven (6/1/12)”I think it could go a little higher, but ultimately I think it’s going to turn around” (5/25/12); “On the verge of collapse” (3/18/12)
Currencies-Foreign- Look at foreign currencies where governments are much less “irresponsible” (12/3/12)
Housing- In a new bubble (5/12/14, 10/25/13)
Precious Metals-Gold- Predicts resumption of gold rally next week (2/4/17); “Going a lot higher during the Trump Presidency” (11/22/16); going to surpass 2011 highs and move into much higher territory (7/15/16); when QE 4 arrives, “I think this is going to be the biggest up-leg of the gold bull market” (10/2/15); tells people to have ten to fifteen percent of their portfolio in gold (7/20/15); still on course to reach $5,000/ounce or above (5/15/15); expect big payday (3/18/15); Swiss “no” vote may signal bottom (12/3/14); “This is the best fundamental environment I’ve ever seen for gold,” where gold will “take a rocket ship back up” and eclipse $5,000 (11/18/14); Fed to allow inflation to accelerate, “and that is what’s good for gold” (8/1/14); “We’re going to have a big rally probably beginning here in the second half of 2014” (7/9/14); “Most likely prices have bottomed” (4/25/14); fundamentals are “great right now” (3/20/14); “I think that we need to be taking advantage of this opportunity” as gold sells off in wake of announced QE tapering (12/20/13); “Price is going to go straight up” after “flood of money” to paper-over deteriorating economy (11/12/13); buy to counter dollar collapse (10/17/13); those will partial positions should “continue to move into the market” (6/27/13); personally buying gold (5/20/13); May 2013 gold carnage= just a correction, speculators being flushed, but fundamentals remain the same- “It is a buying opportunity.” (5/16/13); “I think gold’s about to take off” (2/1/13); QE4 bullish for gold, buy it, as it’s still cheap (12/14/12); buy gold (9/14/12); “Maybe we’re ready to have another move up in gold” (5/25/12); thinks gold prices not going to collapse, thinks “they’re going to rise and make new highs” (4/22/12); likes gold (1/30/12, 2/7/12); Fed money printing “will basically put a rocket ship beneath gold prices” (3/18/12)
Precious Metals-Silver- “Silver might even be a better buy than gold” (2/3/16); expect big payday (3/18/15); “I expect the price of silver to rise” (7/9/14); buy to counter dollar collapse (10/17/13); QE4 bullish for silver (12/14/12); sees “incredible opportunity” now in silver (10/1/12); buy silver (9/14/12); likes silver (1/30/12)
Real Estate- U.S. housing market is a “problem” (1/21/16); “The end of QE will prick the current bubbles in stocks, real estate, and bonds” (9/17/14); in a bubble, sees “big drop” (11/27/13); Fed creating another housing bubble (3/1/13)
Stocks- Says we are in a bear market in stocks (1/21/16); “I think that you can see some strength in the U.S. stock market” (10/2/15); “The end of QE will prick the current bubbles in stocks, real estate, and bonds” (9/17/14); in a bubble, sees “big drop” (5/12/14, 11/27/13); more QE in 2014 will prevent stock bear market (12/2/13); in a new bubble (10/25/13); underlying fundamentals growing worse (6/11/13); sees “downside risk in the near-term,” but predicts another round of quantitative easing and the stock market to “turn up again” (5/25/12)
Stocks-Chinese- “I think there’s a lot of opportunities there to look to protect yourself in the equity markets” (8/5/15)
Stocks-Foreign- Expect big payday (3/18/15); should invest abroad before QE reverses (1/28/14); “Much better opportunities in foreign stocks, in the emerging markets” than U.S. stocks (12/26/13); high U.S. stock prices “will cause investors to look more overseas” (12/2/13); looks at other stock markets where you might have some real growth (12/14/12); “Own stocks outside the United States, in currencies with dividends and income that are not U.S. dollars” (9/14/12); likes high dividend-paying foreign stocks (1/30/12)
Stocks-Gold- When QE 4 arrives, “The gold stocks are going to take off” (10/2/15); still recommends (8/5/15); should invest in mining stocks before QE reverses (1/28/14); “I think right now you’ve got the best buying opportunity of the entire bull market in gold mining stocks- gold and silver stocks” (7/28/13); bullish (6/11/13); may have a bottom in gold stocks (5/25/12); real investment opportunity (4/22/12)

“Vice President Dick Cheney says that his boss, President George W. Bush, has no need to apologize to the American people for not doing more to head off the financial calamity, saying no one saw the crisis coming.

During an interview Thursday with The Associated Press in his West Wing office, Cheney defended the administration’s performance on an economy that is growing weaker daily and which recently collapsed in spectacular fashion. Cheney said that ‘nobody anywhere was smart enough to figure it out.’

-Associated Press, January 8, 2009

(Editor’s note: Bold added for emphasis)

Who are the “Crash Prophets?”

Contrary to the former Vice President’s assertions, a small number of individuals did see the current economic crisis coming. Among them were prominent investors, advisors, and money managers who, despite being ridiculed by their so-called “peers,” bravely warned others that a financial storm was coming. Perhaps their now-discredited colleagues should have known better, for these same persons also have impressive track records when it comes to calling the markets. Today, the “Crash Prophets” are positioning their or their clients’ money and continue to share their insights for what they see is more financial turbulence ahead. The “Crash Prophets” include:

Dr. Marc Faber

• Head of Marc Faber Limited, where he serves in the capacity of investment advisor and fund manager
• Labeled “Doctor Doom” by the press for his contrarian investment style that is often interpreted as being bearish
• Famous for advising clients to get out of the U.S. stock market one week before the October 1987 crash and for predicting the 2008 global financial crisis
• Correctly forecast the rise of commodities, emerging markets, and China in the 2000s, as well as the decline of the U.S. dollar
• Called the March 2009 U.S. stock market bottom and subsequent rally
• Publishes the monthly investment newsletter The Gloom Boom & Doom Report and is the author of several books. Dr. Faber also contributes regularly to several leading financial publications around the world.
• Website:

Jeremy Grantham

• Founder and former chairman of Grantham, Mayo, Van Otterloo & Co. (GMO), a privately-held global investment firm with $88 billion under management (as of 9/30/16). Currently GMO’s chief investment strategist.
• Grantham started one of the world’s first index funds in the early 1970s
• In 1982, said the U.S. stock market was ripe for a “major rally.” That year was the beginning of the longest bull run ever.
• In 1989, called the top of the Japanese bubble economy
• In 1991, predicted the resurgence of U.S. large cap stocks
• In 2000, correctly called the rallies in U.S. small cap and value stocks
• In January 2000, warned of an impending crash in technology stocks, which took place two months later
• Saw the 2008 global financial crisis coming. In April 2007, said we are now seeing the first worldwide bubble in history covering all asset classes.
• Individual clients have included former U.S. Vice President Dick Cheney and U.S. Secretary of State John Kerry
• Writes quarterly investment letter on GMO website
• Website:

Jim Rogers

• CEO of Rogers Holdings and Beeland Interests, Inc.
• While seen as a commodities “guru” by many, his accomplishments reveal he is a “jack of all trades” in the world of finance and investing- investor, author, financial commentator, instructor
• Co-founded the Quantum Fund, one of the first truly international funds, with George Soros in 1970. Over the next 10 years, the fund gained 4,200% while the S&P advanced 47%.
• In 1980, he “retired” at age 37 and rode a motorcycle around the world. Subsequent record-breaking travels and a profound global awareness contributed significantly to his investment strategy and books.
• In 1998, created the Rogers International Commodities Index (RICI)
• Predicted commodities rally that began in 1999
• In 2006, anticipated the coming crisis and shorted U.S. financial institutions, home builders, and mortgage lender Fannie Mae
• In December 2007, sold his New York City mansion for $16 million and moved with his family to Singapore. Sees the world’s financial center shifting from West to East, with China at the forefront.
• Correctly called the 2008 global financial crisis
• In February 2011, announced the Rogers Global Resources Equity Index, which tracks the price of a basket of leading natural resources shares (agriculture, mining, metals and energy sectors, as well as solar, wind, and hydro)
• Website:

Peter Schiff

• President/CEO of Euro Pacific Capital and Chairman of SchiffGold
• Worked previously as a financial consultant at Shearson Lehman Bros.
• Like Faber, labeled “Dr. Doom” by the press for being bearish on the U.S. economy, the U.S. dollar, and dollar-denominated assets
• Predicted 2008 financial crisis
• In late 2006, gained notoriety for not only predicting the U.S. housing bubble and resulting subprime mortgage crisis but for challenging various housing bulls on a number of financial news shows
• In 2008, served as an economic adviser to Congressman Ron Paul’s 2008 presidential campaign
• In late 2008, predicted the automotive industry crisis and the crisis in the banking and financial markets
• Schiff’s popularity grew when a video entitled “Peter Schiff Was Right” became popular in late 2008 and 2009. The video is a compilation of clips of his many appearances on various financial news programs from 2005 to 2007.
• Hosts The Peter Schiff Show ( radio program and The Schiff Report YouTube video blog (
• Websites:,

Survival And Prosperity
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