gold ETF

Marc Faber Bullish On Gold, Gold Shares, Platinum

Swiss-born investment advisor/money manager Marc Faber was on the CNBC TV show Trading Nation yesterday. The publisher of the monthly investment newsletter The Gloom Boom & Doom Report talked about potential investment opportunities, including precious metals. Dr. Faber told viewers:

As I said last year, precisely a year ago, when Barrick was around $6 and Newmont Mining around $17, I think that gold shares, after the recent correction, are still attractive. Don’t forget, gold has been talked down a lot recently, but the fact is when you say that gold is a currency, what has been the strongest currency on Earth this year? It’s up 11 percent in dollars, 32 percent in British pounds, and in Euros 14 percent. So I don’t think it’s been doing all that badly, even following the recent correction…

(Editor’s note: Bold added for emphasis)

After saying the U.S. economy “is not doing well” and predicting President-elect Trump will be a “Keynesian” and money printer, Faber added:

I would buy gold and platinum– they are depressed.

(Editor’s note: Bold added for emphasis)


“Marc Faber on stocks, bonds, gold and more”
CNBC Video

Regular readers of Survival And Prosperity know that Marc Faber has been a long-time gold bull. Covering the V International Central and Eastern European Investment Conference in Warsaw, Poland, last Friday (where Faber was the keynote speaker), the Hungarian financial news website Portfolio reported:

Faber is optimistic for gold, arguing it should form a 20% component of a good investment portfolio. As a reserve, he prefers holding bullion to purchasing indirectly via ETFs, but maintains that exchange-traded gold funds are not a bad thing either…

By Christopher E. Hill
Survival And Prosperity (www.survivalandprosperity.com)

(Editor’s notes: Info added to “Crash Prophets” page. 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.)

Source:

“Marc Faber: Current era of negative rates ‘a historic first.'” Portfolio.hu. 25 Nov. 2016. (http://www.portfolio.hu/en/economy/marc_faber_current_era_of_negative_rates_a_historic
_first.32147.html). 30 Nov. 2016.

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Bullish Signs For Gold?

I’ve noticed the buzz surrounding gold the last week or so.

Last Tuesday, August 6, the London P.M. gold spot price was $1,280.50.

Late Monday night, August 12, the London P.M. fix shows $1,341- up by $60.50.

Experienced gold observers know not to put much stock in short-term fluctuations of the precious metal’s price.

Still, why all the recent chatter of the yellow metal in investing circles, amidst the silence of the gold bears?

Chuin-Wei Yap wrote tonight on the Wall Street Journal website:

Gold prices are up 4% in the past week, hitting a three-week high of $1,334.70 an ounce on Monday. A big factor behind the rise is a surge in demand for physical gold in China, some investors and analysts say.

Demand in China, where consumers account for roughly a quarter of global gold demand, hit a record 385.5 metric tons in the second quarter, according data released Monday by the state-backed China Gold Association. That is double the figure from a year earlier, according to a Wall Street Journal analysis of the data.

Closely watched estimates from the World Gold Council are slated for release on Thursday. Data released in May from the mining trade group showed Chinese consumers bought 294.3 metric tons of gold in the first quarter, a 20% rise on the year.

Yap noted other potentially bullish signs for gold. From later on in the piece:

Demand in India, which some observers expect to lose its spot as the world’s biggest gold consumer to China this year, also is rising. There are signs of renewed bullishness elsewhere, as well. The amount of gold held by SPDR Gold Trust, the largest exchange-traded fund that buys and stores the metal on behalf of investors, rose by 1.8 metric tons on Friday, the first increase in two months.

India might have given the People’s Republic of China more of a run for their money concerning gold consumption if it weren’t for the Indian government cracking down on the importation of precious metals. From Reuters tonight:

Indians bought more gold in July than June despite a series of moves by the central bank to strangle supplies, and their insatiable appetite has forced neighboring countries to take steps to curb their own imports.

Indian Finance Minister P. Chidambaram said the government will take steps to curb imports of gold and silver, and look to contain gold imports at 850 tons this year.

The Indian government increased taxes on bullion imports in January and June in an attempt to bolter their sliding currency, the rupee.

Gold. It scares the bejeezus out of some folks.

By Christopher E. Hill, Editor
Survival And Prosperity (www.survivalandprosperity.com)

(Editor’s note: 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)

Sources:

Yap, Chuin-Wei. “China’s Consumers Show Growing Influence in Gold Market.” Wall Street Journal. 12 Aug. 2013. (http://online.wsj.com/article/SB10001424127887323446404579008372464837550.html). 12 Aug. 2013.

“Gold eases after sharp jump, still near 3-week high.” Reuters. 12 Aug. 2013. (http://www.cnbc.com/id/100957493). 12 Aug. 2013.

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