gold prices

Peter Schiff: Swiss ‘No’ Vote May Signal Gold’s Bottom, Return Of Bull Trend

“Swiss voters overwhelmingly rejected an initiative on Sunday that would have forced the country’s central bank to hold one-fifth of its assets in gold, a move that would have eroded its ability to conduct monetary policy.

Citing projections from results in 19 of the country’s 26 cantons, Swiss television said roughly 78% of voters opposed the initiative, dubbed ‘Save Our Swiss Gold.’ The gold initiative would have also barred the Swiss National Bank from selling gold in the future…”

-The Wall Street Journal website, November 30, 2014

I hadn’t been paying too much attention to that Swiss vote on gold. But after the mainstream financial news outlets cheered the Swiss citizens rejecting the initiative, I thought this could rank right up there with the United Kingdom selling off half its gold reserves in 1999 when the precious metal was valued at only $300 an ounce- a 20-year low at the time.

In other words, a move the Swiss may very well come to regret in the coming years.

To each their own, I always say.

And Wednesday, the CEO of Euro Pacific Capital, Peter Schiff, shared his thoughts about Switzerland’s rejection of the yellow metal. From his December 3 SchiffGold “Gold Videocast” entry on YouTube.com:

I actually believe that the “no” vote- from the long-term perspective- is even more bullish for the price of gold than had Switzerland voted to back their currency with 20 percent gold…

Thinking about it from a historical perspective, if there’s a chance that we saw the lows for the entire gold move on Sunday night, it would be ironic, and then I think makes a lot of sense, that the Swiss “no” vote on adopting even a modified gold standard would mark the low point for gold. Just like you have the Bank of England dumping a bunch of gold at the lows, I mean, central banks or actions around central banks sometimes mark key points. And the fact that the Swiss said “no” to gold, “we don’t want it,” that may be the day that gold actually bottomed out and now we’re resuming the bull trend. Only time will tell whether that is the case. But again, if it’s not the absolute bottom, I think it’s close enough not to worry about it, and I think that people need to be buying the gold that the Swiss citizens just told their bank not to buy. And not only the gold, silver. Because if gold goes up, silver’s going up. So buy both metals.


“Gold Videocast: Swiss Franc No Longer a Safe Haven
and a Possible Bottom in Gold”
YouTube Video

By 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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Jim Rogers On Commodities: ‘This Is A Correction In A Bull Market’

Not sure how I missed an interview of investor Jim Rogers on the Business Insider website back on November 14- because it’s a terrific one. From an exchange between BI co-founder, CEO, and Editor-In-Chief Henry Blodget and the “guru” who predicted the commodities boom that began in 1999:

HB: You made a great call on commodities more than a decade ago. We’re in a downturn now. What is your view going forward?
JR: Great question. I certainly missed this correction. The correction has been worse than I thought. Some of it I knew — I’ve been quite vocal that gold would go down and stay down for a while during this bull market, maybe even under $1,000 dollars per ounce. But still the overall correction I got wrong. My view, rightly or wrongly, is that this is a correction in a bull market. You will remember in the bull market in stocks between 1980 and the end of the century, we had some very serious corrections. And every time people said the bull market was over, it wasn’t. It ended in a bubble. My view is that’s what’s going to happen with commodities. We’re in a correction, a serious one, but that it will turn around. Back to what we said about oil, most major oil fields are in decline. In agriculture, we’re running out of farmers. So we’re facing a serious problem worldwide. I don’t see enough new supply to say the bear market has started again, that the bull market is over. I think there will be one more big leg.
HB: So is this a buying opportunity?
JR: For sugar maybe. Rice maybe. I do own gold, I do own silver. I haven’t bought any of significance in a few years. I haven’t sold any. Gold went up for 12 years in a row without a down year, which is extremely unusual in markets. So in my view the correction will be unusual as well. Gold has not had a 50% correction in years, which too is unusual. That would be $960 per ounce. I’m not predicting it’s going to go there. I’m just pointing out to you there’s going to be another chance to buy gold and silver in another year or two or three, I have no idea why. If America goes to war with Iran, I’ll probably buy gold at $1,600, begging to get more…

The former investing partner of George Soros in the Quantum Fund also talked about:

• U.S. stocks
• Fed stimulus
• More economic “hard times” ahead
• Crude oil
• Russia
• Ukraine
• Asia
• Timing investments
• Advice for young professional investors

The Business Insider piece really is one of the best interviews of Jim Rogers in a while, which you can read on their website here.

By 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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Jim Rogers: Gold May Drop To Around $1,000 Before Rebounding

According to a report out of Taiwan, well-known investor Jim Rogers suspects the price of gold ($1,199 an ounce as I type this) may be heading lower. The Singapore-based investor was giving a media interview in Beijing recently and shared his outlook- and investing strategy- for the precious metal. From the Want China Times website (English news site of Taiwan-based China Times News Group) yesterday:

Rogers predicted gold may drop to around US$1,000 per once and then rebound to up to US$1,500 per ounce. He will increase his gold assets when the price reaches US$1,000, he said.

(Editor’s note: Bold added for emphasis)

Rogers, who predicted the commodities rally that began in 1999, often talks about gold. Back in November of last year, the chairman of Rogers Holdings and Beeland Interests provided the following in an interview with Burbank, California-based Birch Gold Group (blogged about here):

Well, everybody should own some precious metals as an insurance policy. So if they don’t have any right now, I would urge them to go buy something, buy themselves a gold coin if nothing else, and see that it’s not going to hurt. It won’t hurt you to buy the first gold coin, the first silver coin, and from that you start accumulating as your own situation dictates.

First, do your homework, don’t buy gold because you heard me say it or even because you hear you say it. But if people don’t own they should start after they have done their homework. And then they will probably, if they do their homework, most people will then realize, “Oh my gosh, I better have insurance, and gold and silver may get me through serious problems ahead.”

(Editor’s note: Bold added for emphasis)

By 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.)

Source:

“One reminbi to one US dollar in 25 years: Jim Rogers.” Want China Times. 25 Nov. 2014. (http://www.wantchinatimes.com/news-subclass-cnt.aspx?id=20141125000058&cid=1203). 26 Nov. 2014.

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Peter Schiff: Gold Will ‘Take A Rocket Ship Back Up’ And Eclipse $5,000

Kitco News anchor Daniela Cambone got the chance to speak to Euro Pacific Capital CEO Peter Schiff on November 18. The “crash prophet” who correctly-predicted the U.S. housing bust and 2008 global economic crisis was at the Grand Cayman Liberty Forum, and here’s what the long-time gold bull had to say about the precious metal. From their exchange:

CAMBONE: So let’s tie this back into gold now. What’s your outlook for the metal? I know you’ve been bullish on the metal. Do you continue to be?
SCHIFF: Yes. I’m bullish. You know, it’s hard to call the short term obviously and people now are trying to say, “Oh Peter, you know, you were saying gold was going to go to $5,000.” It’s going to go to $5,000. And in fact, I looked at some of my CNBC interviews and I was predicting $5,000 when gold was $500. So, it’s not like I just started doing it when it was at $900. Right? I’ve had that target on my mind for some time. And I think we’re going to eclipse it. And I think when this decline is over-and it’s been 2 or 3 years since gold hit its high around $1,900- I think it’s going to rise faster than before. Normally markets go down- they take the stairs up and the elevator down. Well I think that gold is going to take a rocket ship back up, because I think when all the people who have been shorting gold and selling gold realize that they’ve got it wrong, and they want to buy it back- it’s just not there. Because I think the real gold- all the gold that was dumped out of ETFs- I think it’s sitting in vaults in Russia and China, and it’s never going to see the light of day again. So when the buyers want it back, it’s not going to be there…

Schiff proclaimed later:

This is the best fundamental environment I’ve ever seen for gold. And also, I do believe that the dollar’s days as the world’s reserve currency are numbered, and when the dollar is no longer accepted as the reserve currency, what’s going to take its place? It’s not going to be the euro. It’s not going to be the yen. I think it’s going to be gold. I think the world is going to go back to gold…


“Gold Will Take Rocket Ship Back Up – Peter Schiff | Kitco News”
Gold discussion starts at 3:44
YouTube Video

By 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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Peter Schiff And Axel Merk Talk Gold

I’ve been so busy lately I didn’t realize Peter Schiff’s Euro Pacific Precious Metals had been rebranded as SchiffGold. And earlier today, I spotted a new Gold Videocast published on SchiffGold.com in which Axel Merk is interviewed. The topic? Gold. From the website:

In this SchiffGold exclusive video, Peter Schiff sits with Axel Merk at the recent New Orleans Investment Conference to discuss gold investing in the midst of the currency wars. Like Peter, Axel was one of the few analysts to warn of the 2008 financial crisis and he remains one of the few analysts independent from the mainstream “recovery” consensus. Their conversation covers the history of gold’s price performance, the upcoming Swiss Gold referendum, the role of physical bullion in a portfolio, and much more.

I found their discussion about gold’s victorious outcome in a currency war and ownership of physical gold particularly interesting. Especially when Peter noted:

It’s not that people want to do something illegal but people fear that the government may do something illegal in the future, may do something oppressive in the future. They might want to confiscate gold but they can’t confiscate it if they don’t know where you have it. If you have it in a brokerage account, they know where it is and they can take it. But if you have it buried somewhere or in a safe, they can’t get at it.

Good stuff, which you can read (full transcript provided) and watch in its entirety on the SchiffGold website here.

By Christopher E. Hill
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.)

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Marc Faber Declares ‘I Want To Own Some Gold Because I Don’t Trust The Financial System Anymore’

Swiss-born investment advisor/money manager Marc Faber was on the Bloomberg Television show Street Smart last week. The publisher of the monthly investment newsletter The Gloom Boom & Doom Report talked with host Trish Regan about a number of financial topics, including gold. From their exchange:

REGAN: I know you have been bullish on gold for pretty much forever, Marc. But now we’re in a situation where gold is at a 4-year low. Goldman now predicting $1,050 an ounce. SocGen saying 1,000 bucks. Where do you see gold finishing the year?
FABER: I would say Goldman Sachs is very good at predicting lower prices when they want to buy something. But that aside, I would say, yes- we are down from $1,900 to $1,160 or something like this, and it’s been a miserable performance since 2011. However, from the ’99 lows we’re still up more than four times. So, I just looked at performance tables over 10 years and 15 years- gold hasn’t done that badly. Has done actually better than stocks. Now I personally, 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. And then I’ll be happy to have some assets. But of course the custody is important. I wouldn’t hold my gold at the Federal Reserve because they will lend it out. I wouldn’t hold my gold in the U.S. at all.


“More Americans ‘Can’t Afford’ to Buy Homes, Faber Says”
(Gold discussion begins at 7:30)
Bloomberg Television Video

This isn’t the first time Dr. Faber has warned about storing gold in the United States. He told CNBC’s Amanda Drury on August 16, 2013:

I have a preference for physical gold held in a safe deposit box outside the United States and preferably in Asia, for a variety of reasons.

By 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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Marc Faber: ‘The Gold Market Has Bottomed-Out’

Well-known investment advisor/money manager Marc Faber was on the FOX Business show Opening Bell last Wednesday. Speaking by phone, the publisher of the monthly investment newsletter The Gloom Boom & Doom Report was asked by host Maria Bartiromo about the geopolitical instability going on and investing in such an environment. From their exchange:

BARTIROMO: Mark, what do you think? What would you be doing right now as an investor?
FABER: Well, basically, I always own some shares. Most of my shareholdings are in Asia… In Asia, the Indian market is up 22 percent year-to-date. The Thai market is up 20 percent in dollar terms. Jakarta is up 24 percent. Philippines up 18 percent. Karachi up 17. Ho Chi Min up 17.
BARTIROMO: So you want to continue to stay exposed to Asia then and not the U.S.?
FABER: Yes. Yes. I worry about the geopolitical tensions, and they have an impact on Vietnam. But I think all the Asian countries are so China-centric that there won’t be a military conflict. There’ll be rattling and disputes and so forth. But the U.S. doesn’t have the power to really wage a war in Asia. That we have to be very clear about.
BARTIROMO: Mark, very quickly, the bottom line on the U.S.- do you think we’re going to see a sell-off this year?
FABER: Yes.
BARTIROMO: How significant?
FABER: As I told you before, I would own some gold, because I think the gold market has bottomed-out. Year-to-date, the junior gold mining index is up 40 percent.


“How geopolitical issues could derail the markets”
FOX Business Video

By 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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Jim Rickards Suspects China Behind Gold Price Manipulation As It Buys Metal To Hedge Against Dollar Devaluation

Euro Pacific Capital CEO and Global Strategist Peter Schiff just got done interviewing Jim Rickards, an American lawyer, economist, investment banker, and best-selling author. Rickards, who released The Death of Money: The Coming Collapse of the International Monetary System, this spring, spoke with Schiff about the global gold markets. What he had to say about China and its steady accumulation of physical gold (reserves now totaling close to 4,000 tons, Rickards speculates) was extremely interesting. Some might say shocking. From the exchange:

Now there’s been a lot of speculation the reason they’re doing this is they want to launch a gold-backed yuan currency to defeat the dollar. That’s not going to happen. That’s not even close. The reason is that the yuan’s not ready to be a reserve currency because they don’t have investable assets. There’s no rule of law. There’s no mature bond market in China. But what they are doing, is creating a very simple hedge position… So you’ve got $4 trillion of paper reserves, most of them U.S. dollars. You can’t dump them. If you’re going to try and sell a fraction… the Treasury market’s big- it’s not that big. If they try and do something more aggressive, the President of the United States can actually stop them just by freezing their accounts. So what you do is buy up a pile of gold. So now, the Chinese want a stable dollar. They would love a stable dollar. But if the U.S. tries to devalue the dollar, tries to cheapen the dollar through inflation- remember, every 10 percent of dollar inflation is a $300 billion wealth transfer from China to the United States. So if you cheapen the dollar with inflation, they lose money on the paper, but they make money on the gold. So they’re building a hedge position. They’re not done yet.

I’ve heard it claimed before that China is accumulating gold to back the renminbi. But Rickards says this isn’t the case. Even more eye-opening than the dollar hedge theory was something he said later on in the interview:

The gold manipulation, by the way, is so blatant at this point, if I were the manipulator I’d be embarrassed… The question is, who’s doing it? And people like to point a finger at the Fed and maybe through the BIS- they have a hand in it. But my number one suspect is China for the reason you mentioned, Peter. If you’re out to buy 3,000 tons, you don’t want the price to be high yet. Maybe later you do. But for now you want the price to be low.


“Interview: Jim Rickards & Peter Schiff Discuss Global Gold Markets [Full Discussion]”
YouTube Video

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

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Peter Schiff On Direction Of Interest Rates, Housing, And Gold

Last Friday, “crash prophet” Peter Schiff added a new entry to his YouTube video blog- The Schiff Report. The CEO/Chief Global Strategist of Euro Pacific Capital warned viewers that the Federal Reserve is bluffing about raising interest rates. Schiff- who correctly-called the bursting of the housing bubble in addition to the 2008 economic crisis- also touched on the direction of the residential real estate market and gold. On interest rates and housing, he pointed out:

The risk is that the Fed doesn’t tighten at all, which is exactly what’s going to happen, because they can’t tighten. If the Fed actually tightens, the recovery is over. The recovery that is supposedly giving them the confidence to raise rates- it can’t exist if they raise rates. In fact, if the Fed could raise rates, they would have already raised them. I mean, it’s been over five years. They’re still at zero. And they’re saying rate hikes are a year way maybe. Why? If the economy is recovering, why can’t the Fed raise rates? Because if the Fed raised rates, we’d be right back in recession. Because it’s a phony recovery. That’s what people have to understand. It’s not real. It’s only here as long as the Fed can artificially sustain it, which she might. The minute they raise interest rates, that party’s over. The stock market’s going down. The real estate market’s going down.

And by the way, we had a plethora of negative numbers all week for the housing market. You could put a fork in this phony housing recovery, because it’s done. The market is going down. Housing prices are heading back down. Housing activity is slowing. I think a lot of layoffs are coming in construction because this market’s grinding to a halt…

The Fed is bluffing. This is all bark and no bite. It is impossible for the Fed to raise interest rates. If they could do it, they would have already done it. If they raise interest rates now, they destroy the very recovery that the low interest rates created. The problem is, if it isn’t a real recovery, it’s phony. If it was real, it wouldn’t need the Fed to support it. The only reason it does need the Fed’s support is because it’s imaginary. It’s phony. Because the actual economy is getting worse.

What the Fed is doing to goose the stock market, and the real estate market, to create this phony wealth effect, is undermining legitimate wealth creation. All the money we’re borrowing to spend is interfering with legitimate, genuine economic growth. And we’re just digging ourselves into a bigger and bigger hole…

The problem is, we’re going to have the next recession, and the Fed’s still going to be at zero. They’re still going to have this bloated balance sheet. And again, it’s not that the Fed is never going to raise rates. They’re just not going to do it voluntarily. They’re not going to do it as a decision. They’re not going to do it until they have to. And it’s not going to be a strong economy that’s going to force them to raise rates. Because I don’t care how strong the economic data is- they ain’t going to raise rates. And it doesn’t matter how bad the inflation data is- they’re still not going to raise rates. They’re not going to raise rates until the dollar collapses. Until foreigners no longer want to hold the dollar, because they understand the predicament that the Fed is in. They understand that it is QE forever. That it is all just talk. There is no exit strategy. There never was. Because exit is too painful. This is the end game of QE. This is the all in. This is the overdose.

On gold, Schiff predicted:

Janet Yellen is not going to wage war against inflation. She has already surrendered to inflation. It’s just that a lot of people haven’t figured that out yet. So, because people think that Janet Yellen might raise interest rates sooner rather than later because of inflation, they sold gold. If they knew the truth, that Janet Yellen isn’t going to care about the inflation, that’s she’s just going to let it get worse because she is too afraid to challenge inflation for fear of what it will do to the economy, to the stock market, to the housing market, the job market. So she is going to allow inflation to not only continue, but accelerate. And that is what’s good for gold.


“Ending QE is Bad, Not Ending it is Worse”
YouTube Video

By 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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Jim Rogers On Coming Fed Moves, Investing Opportunities

I just got finished reading an interview of well-known investor, author, and financial commentator Jim Rogers by The Economic Times (India) a short time ago. Published yesterday, the former investing partner of George Soros shares his thoughts on a number of topics, including:

• Investing opportunities during wartime (commodities, including crude oil, gold)
• Federal Reserve coming moves (continued tightening, then full-reverse)
• Crude oil price movement (higher and in a holding pattern)
• Gold price movement (suspected buying opportunity in next year or two)
• Other investment opportunities (industrial metals, natural gas)

Lots of good insights dragged out of Mr. Rogers by the Times crew, which you can read all about on their website here.

By 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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Peter Schiff On Gold: ‘We’re Going To Have A Big Rally Probably Beginning Here In The Second Half Of 2014’

It’s been a little over a month since I last blogged about “crash prophet” and head of Euro Pacific Capital Peter Schiff. But tonight, I’ll be talking about the first-ever installment of Peter Schiff’s Gold Videocast (which replaces the monthly Peter Schiff’s Gold Newsletter). Schiff, who also heads up Euro Pacific Precious Metals, told videocast viewers on July 9:

I think that the sellers have been exhausted in the gold market, and the buying continues. And when we run out of sellers- again, there’s only one direction for the price of gold. And I think once all of these speculators that have been shorting gold discover that their premise is wrong- that we’re not going to get this vibrant recovery. And that we’re not going to get less QE, we’re going to get more. That we’re not going to get rate hikes, but the Fed is going to keep interest rates at zero in order to prop up this phony, bubble economy that they’ve inflated. You’re going to have to see this mad rush from all the short sellers who are going to be anxious to buy back their money losing positions. But that’s going to be a lot more difficult, because there’s not going to be a lot of gold around. Because a lot of the gold that was liquidated in the second half of 2013 is not going to be available for sale in the second half of 2014. That gold was probably purchased by entities that never intend to sell it.

So I think we’re going to have a real short squeeze and we’re going to have a big rally probably beginning here in the second half of 2014. But maybe gathering momentum as the year comes to a close.

Schiff, who is credited for calling the U.S. housing bust and 2008 economic crisis, added:

I expect the price of silver to rise. Other precious metals- platinum- and commodities in general are all responding to the inflation that the Fed is creating to prop up this phony economy. All the while denying that inflation is a problem.


“Gold Videocast: Gold’s 2014 Half-Time Report”
YouTube Video

By 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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Resource Of The Week: Gold & Silver Vault App By GoldSilver.com

I meant to end last week on a high note- with a “Resource Of The Week” post- but was just too spent being sick and all. I’ve recovered. And before I start getting on a roll with this week’s blog material, I wanted to get that ROTW out to readers.

Now, as I’ve mentioned before on Survival And Prosperity, I’ve been a keen observer of gold and silver for some years now. And people who’ve been following the price action of these precious metals lately will tell you these are very interesting times (gold dropped to a 16-week low, silver to an 11-month low, last week).

Particularly if you hold either of the two as an investment/trading vehicle.

With all that’s been going on lately, more people might desire to keep a close eye on the latest gold and silver news and prices. Perhaps even keep track of the value of their holdings.

Enter the Gold & Silver Vault App by affiliate marketing partner GoldSilver.com. The Santa Monica, California-based gold and silver educator and dealer (reviewed here) now offers a free “app” for the Apple iPhone and Android which lets users track their gold and silver investment value 24/7:


“Gold & Silver Vault Phone App TVC V2”
YouTube Video

Looks very useful and informative. Too bad I don’t own a smartphone (maybe one of these days). But readers might.

Check out the Gold & Silver Vault App on GoldSilver.com via the banner ad below. The app can be found on the “Goldsilver” tab, in the “Knowledge Center” drop-down menu near the top of the page. Please note that by clicking on the ad and purchasing a product from GoldSilver.com, I receive a commission from the sale.


GoldSilver.com - Buy Gold & Silver

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

(Editor’s note: Link added to SP “Resources” page)

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Marc Faber: ‘I Will Never Sell My Gold And I Buy Every Month’

More recently, Swiss-born investor advisor/fund manager Marc Faber has been making headlines about his thoughts on equities. So I’ve been curious to hear what the publisher of the monthly investment newsletter The Gloom Boom & Doom Report has to say these days about precious metals. In particular, gold.

Dr. Faber appeared on the Bloomberg Television show Street Smart yesterday. From an exchange with host Trish Regan:

BLOOMBERG: Do you continue to invest in gold because of concerns about central banks?

FABER: Yes. 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.


“Marc Faber: I Will Never Sell My Gold”
(Gold discussion begins around 8:10)
Bloomberg Video

By 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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Bearish Peter Schiff Debates Bullish Nouriel Roubini

“How long was I warning about the housing bubble and the financial crisis before it happened? It was years. It takes a while for these problems to surface. We do have an inflation problem. We do have a bubble. And commodity prices are rising. Gold prices are rising.”

-Peter Schiff, debating with noted “bear”-turned-“bull” Nouriel Roubini on CNBC’s Fast Money yesterday


“Roubini vs. Schiff: Who’s “Doomier” on US Economy?
YouTube Video

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

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Richard Russell Warns ‘In A Matter Of Months, I See The Dollar Crashing’

Speaking of high-profile supporters of gold, how many readers have heard of Richard Russell? I had this to say about Mr. Russell of Dow Theory Letters-fame back on September 21, 2011:

Russell gained wide recognition from a series of over thirty Dow Theory and technical articles that he wrote for Barron’s during the late fifties through the nineties. Russell was the first (in 1960) to recommend gold stocks. He called the top of the 1949-66 bull market. And almost to the day he called the bottom of the great 1972-74 bear market, and the beginning of the great bull market which started in December 1974. Did I mention he’s been bullish about gold for almost a decade now?

Russell’s made some great calls over the years, and now he’s making headlines with another gigantic call. From the King World News Blog on April 22:

I think we are seeing the greatest transfer of wealth (West to East) in all history. China is amassing a huge hoard of gold while I don’t know how much the US and the English speaking nations actually have. The western central banks’ policy of selling gold to knock down the price is a disaster (and China must love it). The US will lose its reserve currency advantage within a few years or probably less time. Our defense against a weak economy is always to print more money. In a matter of months, I see the dollar crashing.”

(Editor’s note: Bold added for emphasis)

I was about to hit the sack the other evening when I read that last sentence, and knowing all too well Russell’s reputation, it gave me some late night jitters.

I’m not going to steal the thunder away from the King World News Blog, so check out everything that Russell’s had to say over there.

By Christopher E. Hill
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)

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Christopher E. Hill, Editor
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