gold

Marc Faber Suggests Gold Should Make Up 25 Percent Of Portfolio

Earlier this month, I blogged about how Swiss-born investment advisor/money manager Marc Faber informed CNBC TV viewers he holds physical gold stored in safe deposit boxes.

Last Thursday, the publisher of the monthly investment newsletter The Gloom Boom & Doom Report talked more about the shiny yellow metal at a CFA Institute seminar in Chicago. Gail MarksJarvis reported on the Chicago Tribune website on July 22:

Faber told the investment professionals gathered in Chicago that they shouldn’t be prejudiced against gold. Although the typical investment pro keeps less than 1 percent of his or her portfolio in gold, Faber suggests 25 percent. He sees it as protection from a dangerous combination of tremendous government debt and massive bond-buying by central banks globally trying to fight off recession with near-zero interest rates…

(Editor’s note: Bold added for emphasis)

MarksJarvis also noted that “Doctor Doom,” as he’s often referred to by the financial news media, thinks there may be value in precious metals mining stocks.

This shouldn’t come as a surprise to regular Survival And Prosperity readers. I blogged back on May 24 about Faber’s statement the prior week to a CNBC TV audience that gold shares are one of “the most attractive assets in my view”- the others being oil and gas stocks.

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. Christopher E. Hill, 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 presented on the site.)

Source:

MarksJarvis, Gail. “‘Gloom, Boom & Doom’ economist pushes for gold.” Chicago Tribune. 22 July 2016. (http://www.chicagotribune.com/business/columnists/ct-marksjarvis-column-marc-faber-money-doom-0724-biz-20160722-column.html). 26 July 2016.

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Peter Schiff: ‘This Is A New Leg Of The Gold Bull Market’

Economist, financial broker/dealer, and author Peter Schiff was interviewed by Kitco News Editor-In-Chief Daniela Cambone last Friday out at FreedomFest in Las Vegas. Schiff, who correctly-called last decade’s housing crash and the global economic crisis, believes gold is entering a new phase in a secular bull market that began back around the turn of the millennium. He told viewers:

I think gold is not only going to re-test the highs from 2011 when it was close to $1,900, but it’s going to surpass those highs and move into much higher territory

I think this is a new leg of the gold bull market. I mean gold’s been in a secular bull market since 2000, 1999-2000. We had a cyclical bear market that I believe ended with the Fed hiked rates in December. And now we have the new leg of the bull market, which I think potentially could be an even bigger leg than the first leg, which saw gold go from sub-$300 to close to $2,000. So if this leg is bigger than that, you can just imagine how high the price might go.

(Editor’s note: Bold added for emphasis)


“We’ve Entered a New Leg of a Gold Bull Market”
YouTube Video

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.)

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Marc Faber Holds Physical Gold In Safe Deposit Boxes

From Survival And Prosperity’s sister blog Offshore Safe Deposit Boxes last night:

On June 29, Swiss-born investment advisor/money manager Marc Faber appeared on the CNBC TV show Squawk Box and discussed his gold holdings. Leslie Shaffer reported:

The global economy has been weakening and could worsen ahead, but there are still a lot of market opportunities for investors, said Marc Faber, editor of the Gloom, Boom & Doom Report.

“We’re all on the Titanic, but the Titanic still has maybe a few days to travel before it collapses so we might as well enjoy the journey,” Faber, also known as Dr. Doom, told CNBC’s “Squawk Box.”

Anticipating a downtrend, Faber said he’s holding physical gold in safe-deposit boxes

(Editor’s note: Bold added for emphasis)

Regular readers of Offshore Safe Deposit Boxes know that the publisher of the monthly investment newsletter The Gloom Boom & Doom Report is a big believer in storing gold in safe deposit boxes outside the United States. Back on August 16, 2013, Dr. Faber told CNBC TV viewers:

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.

(Editor’s note: Bold added for emphasis)

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

(Editor’s note: 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. Christopher E. Hill, 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 presented on the site.)

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Peter Schiff Sees ‘Enormous Round Of Quantitative Easing’ Ahead For U.S.

Euro Pacific Capital CEO Peter Schiff, who correctly-called the housing bust and economic crisis last decade, just published a new entry to his Peter Schiff’s Gold Videocast vlog on YouTube.com. Schiff talked about what’s behind the recent take-off in precious metal prices. From last Friday:

What’s really behind the metals rise is not what’s happening in Europe, but I believe what’s going to be happening here in the United States, because I believe the Federal Reserve is going to use the turmoil in the markets that followed that [“Brexit”] vote as the excuse that it’s been waiting for, not only not to raise rates, but to cut rates and to launch QE 4. In fact, that is the main reason, I believe, that the markets have recovered somewhat from their Brexit-related losses. Because if you look at the financial markets, they are now pricing in for the first time a higher probability that the next move by the Federal Reserve will be to cut rates, not to raise them. Now remember, I’ve been saying this the whole time. Ever since the Federal Reserve raised rates in December I was saying the likelihood was that the next move would be a cut and not another increase…

As we continue to get more weak economic data that continues to surprise all the bulls who are expecting strong data, it’s not going to be long before the talk of rate hikes is really replaced first by the talk of rate cuts, and then by actual cuts. And of course since there’s not a lot of room for the Fed to cut rates because it never really raised them, the real monetary stimulus is going to come from an enormous round of quantitative easing

The reason there was such a violent reaction in the financial markets to Brexit wasn’t because Brexit is so terrible, it just shows you how precarious the global financial system is. It’s all perched upon these props of cheap money and central banking. It’s all based on hype and hope and confidence. And when something shakes the confidence, you see the immediate result. The central bankers are going to do everything they can to keep this bubble from deflating. And that means more money printing not only here but around the world. And all the naysayers, all the guys that were saying “Oh, Peter Schiff was wrong,” “The Fed was right,” “Bernanke was right- he was the hero,” “Paul Krugman was right- there is no inflation.” All the people who had these premature victory laps are going to have a lot of egg on their face. But in the meantime, there isn’t a lot of time left for people to buy gold and silver while there are still people foolish enough to sell it

(Editor’s note: Bold added for emphasis)


“Silver Confirms Gold’s Breakout”
YouTube Video

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

(Editor’s note: 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.)

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Marc Faber: ‘Most Attractive Assets In My View Are Gold Shares And Oil And Gas Shares’

Swiss-born investment advisor/money manager Marc Faber was on the phone with the CNBC TV show Trading Nation last Wednesday. The publisher of the monthly investment newsletter The Gloom Boom & Doom Report talked investment strategy, and shared the following with viewers:

My view is that in June, [the Federal Reserve] will not move, that they will not increase rates. And that the market will begin to perceive that the Fed wants to support asset markets, which they have stated on numerous occasions before. And that in that environment, gold, which from now on may correct maybe 5 percent or so, will start to move up again. I think an investor should understand, we don’t know how far central banks will move around the world. We need to be diversified. To own some real estate makes sense. To own some equities makes sense. To own some cash and bonds probably makes sense. And to own some precious metals makes sense. 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.

(Editor’s note: Bold added for emphasis)


“Marc Faber on investment strategy”
CNBC Video

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.)

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Peter Schiff: Rising Gold Stock Prices ‘Just Getting Started’

Peter Schiff, the CEO of Euro Pacific Capital who correctly-called last decade’s housing crash and recent global economic crisis, was on the Fox Business Network yesterday. Chatting with Liz Claman about the recent terrific performance of gold mining stocks, Schiff told viewers:

But this is just getting started. These gold stocks are just recovering ground they never should have lost. I don’t know why anybody’s surprised at these bad numbers coming out of Macy’s. The retailers have been reporting horrible sales all year. The consumer is broke. We are back in recession. That’s why Trump is a nominee. That’s why Bernie Sanders is beating Hillary Clinton in all these primaries. Because the voters know how awful this economy is. They don’t have any money left to spend…


“Retail Tanking, Gold Stocks Doubling”
YouTube Video

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.)

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Jim Rogers: Signs Of Next Economic Crisis ‘Already Happening’

The next two days I’ll be focusing on two “crash prophets” who correctly-called the 2008 global economic crisis and who see more carnage on the way. First up is the widely-followed investor, author, and financial commentator Jim Rogers, who appeared on the RT TV show SophieCo earlier today. From his exchange with host Sophie Shevardnadze (RT transcript):

SHEVARDNADZE: You’ve been talking about this impending recession for a while now, ready to strike the U.S., for instance, but, you know, we see American economy picking up, the unemployment rate is going down, so- why does it keep postponing itself?
ROGERS: Wait, wait. First of all, you are listening to government figures. You remember the Soviet Union, the government had a lot of numbers, they were very good. The U.S. now puts out a lot of figures that are not legitimate, accurate figures. Look at unemployment, what do they do? For instance, they just stopped counting many people, said they’re not looking for a job anymore – so the numbers are artificial in the U.S. Yes, some parts of the U.S. economy are doing very well. If you’re on Wall St. or if you’re in finance, you’re doing fine, because the government has been printing a lot of money and a lot of debt has been put out. But you go to Texas, go to the MidWest- they’re not doing well at all. Most of the country is not doing well.
SHEVARDNADZE: Alright, but give me something concrete- when do we have to expect this crisis to hit and what’s going to cause that meltdown?
ROGERS: Sophie, for the last 18 months in the U.S., most stocks have been going down. The average is a fraud, because of the few big companies that make the average go up and that’s because the government, the Fed Reserve, Central Bank is printing a lot of money. Stocks are going down in the U.S., most stock are down. So, the signs are already there. Now, unfortunately, they’re not visible, they don’t make headlines, so it’s already happening. Parts of the country are in recession, stock market, most stocks are going down – it’s already happening

(Editor’s note: Bold added for emphasis)

Back on March 28, I noted Rogers had warned on the Nikkei Asian Review (Japan) website eight days earlier:

I expect the American economy to be in recession sometime in the next year or two…

(Editor’s note: Bold added for emphasis)

And earlier that month I quoted a March 4, 2016, Bloomberg.com piece where it was reported:

The famous investor said that there was a 100 percent probability that the U.S. economy would be in a downturn within one year

(Editor’s note: Bold added for emphasis)

Shevarnadze did a good job extracting some investment nuggets from the former investing partner of George Soros. Rogers still thinks there will be a better chance to buy gold “sometime in the next year or two,” and added later in the discussion:

If the dollar goes up, gold may go down. But, if it goes down, I hope to buy a lot more gold, because eventually gold is going to go through the roof. As this turmoil increases and people lose more and more confidence in governments, more and more confidence in paper money, they’re going to look for something, and gold and silver will be a couple of those places. If you’re looking for something right now- agriculture

I have sold short the U.S. stocks and I have sold junk bonds, low-grade bonds, in the U.S., I own shares in China, I have shares in Russia, I bought Russian government bonds, several days ago. These are places that I am looking at, I am looking at Kazakhstan as a place to invest, Iran I’m looking at, Nigeria I am looking at

(Editor’s note: Bold added for emphasis)

Kazakhstan and Nigeria are two markets not often mentioned by Rogers. A terrific interview, which you can read in its entirety over on the RT website here.

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.)

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James Rickards: Gold Other Money That Renders Central Bank Power ‘Meaningless’

The “Quote For The Week” runner-up. From American investment banker, risk manager, attorney, and financial commentator James Rickards, in a recent interview with Schiff Gold’s Albert K. Lu:

I actually think of gold as money. Money is different from an investment or a commodity, so, is gold a commodity? Is it an investment? Is it money? Well, it depends a little bit. Like a chameleon, it changes color. I think of it as money. But I think that’s why there is such bitter opposition, and so many really canards and made-up stories, anti-gold. These come from the PhDs. Whoever controls money controls the world. You control wealth, you control politics; you control who wins and who loses. It’s a very powerful thing to control.

Who controls money today? The answer is the central banks, and those are all PhDs, they come from MIT, Harvard, Chicago, Stanford, just a really small number of universities. They all know each other. It’s a club. Well, if you were in this PhD club that controls the central banks, you wouldn’t want people to even think about gold. You wouldn’t want them to talk about gold, because gold is the competition. Gold is the other money that can render their power meaningless. And so they perpetuate these myths about gold. Unfortunately, a lot of students, a lot of journalists, a lot of everyday citizens follow the leader, follow these PhDs without ever examining the assumptions…

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

(Editor’s note: A qualified professional should be consulted prior to making a financial decision based on information 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. Christopher E. Hill, 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 presented on the site.)

Rickard’s new book…

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Jim Rogers: ‘We’re Certainly Going To Have Worse Times Than We’ve Had In Our Lifetime’

Let’s talk finance and investing for the remainder of the day. Well-known investor, author, and financial commentator Jim Rogers recently made an appearance on GoldSeek.com Radio, and in the April 1, 2016, broadcast, the former investing partner of George Soros talked about several topics including a coming U.S. financial crash, where he’s putting his money these days, and the prospect of another buying opportunity with gold. On a coming crash, from the exchange with host Chris Waltzek:

WALTZEK: You know you’ve mentioned that this could be the “last rally.” I put that in quotes and we’re seeing again signs of that. But these price-to-earnings ratios, the CAPE ratios, some of our individual stocks 300, 500-priced-to- earnings. I mean, they’re priced to perfection for eternity. Could this lead to maybe a 1929-style scenario, or are we in worse or more dangerous water?
ROGERS: Chris, we’re certainly going to have worse times than we’ve had in our lifetimes. How bad it is? I expect it to be, well to repeat, worse than anything we’ve had in our lifetime, because the debt is like nothing it’s ever been in recorded history. America is now the largest debtor nation in the history of the world. Higher and higher. But so does everybody else’s debt. So the next time around- yes, it’s going to be very, very disastrous. The only hope Chris is that somehow the world survives the next time around. Well we won’t survive the one after that, I assure you, because the debt will be so much higher, money printing will be so much worse. We’re going to live in very interesting times, which as you know, a Chinese curse to live in interesting times.

Regarding where the Singapore-based investor is putting his money:

WALTZEK: So give us an idea then where those funds of yours are headed and where you feel safe right now.
ROGERS: I own a lot of U.S. dollars, not because it’s going to be a horrible currency in the end, but with the bad times coming many people will put their money in what they consider safe assets or safe havens, and many people think the U.S. dollar is a safe haven. Compared to the rest of the world- yeah, it is a safe haven compared to the yen or the euro or other currencies. So I own U.S. dollars. I own Chinese renminbi. I own Chinese shares. I’m short in the U.S. I’m long agriculture. I bought recently some Russian government short-term bonds in rubles. I own some gold and silver which I have for years- I haven’t bought any recently. Some stocks that I’ve owned for twenty or thirty years- I don’t see any reason to sell them since I bought them so long ago. That’s basically, off the top of my head, where my investments are.

On the prospect of another buying opportunity in gold, Rogers said:

I’m not rushing in to buy. I still expect a better opportunity to buy gold sometime in the next two or three years. If that happens, I hope I’m smart enough to buy more. If it doesn’t happen, I own some gold, so I’ll make money. But I’m still waiting for my… another opportunity.

The CEO of Rogers Holdings and Beeland Interests, Inc. shared with listeners:

There are other places I’m looking at but I’m really not very active at all. I’m mainly just watching the world unfold. Be knowledgeable, be worried, and be prepared.

“Be knowledgeable, be worried, and be prepared.” Wise words to digest.


“GSR interviews JIM ROGERS – March 31, 2016 Nugget”
YouTube Video

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.)

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Rich Dad Author Robert Kiyosaki: 2016 Market Meltdown ‘Right On Schedule’

The last time I blogged about Robert Kiyosaki, the American entrepreneur, educator, investor, and author of The New York Times best-selling book Rich Dad Poor Dad talked about precious metals in a January 27, 2016, GoldSeek.com Radio interview. From his exchange with host Chris Waltzek:

WALTZEK: People taking a longer-term perspective, picking up some precious metals. You get that diversification. You can sleep a little more soundly at night. And you also know that you’re getting silver at 66 percent off, gold 40-45 percent off the highs. So where’s the risk there?
KIYOSAKI: The risk is not having it. And that’s why I’m laughing about Saturday Night Live and I can’t tell Fox from Saturday Night Live because those guys are a bunch of cartoons up there now. And those are the guys you’re going to count on for your economy? Give me a break. I mean, right now I trust in gold and I trust in silver. I don’t trust the stock market. I don’t trust the Fed. I don’t trust our leaders. I don’t trust the EU to not come apart. You have Puerto Rico in serious trouble. I mean how many other things have you got out there? And you look at the national debt- it’s now $20 trillion. If you want to believe Saturday Night Live characters then you just keep believing. But I’d rather have gold and silver.

The author of the recently-released Second Chance: for Your Money, Your Life and Our World also informed listeners he got out of stocks “fully” last March.

Last week, I spotted a piece about Kiyosaki on MarketWatch.com. Barbara Kollmeyer reported on March 23:

Fourteen years ago, the author of a series of popular personal-finance books predicted that 2016 would bring about the worst market crash in history, damaging the financial dreams of millions of baby boomers just as they started to depend on that money to fund retirement.

Broader U.S. stock markets are recovering from the worst 10-day start to a year on record. But Robert Kiyosaki- who made that 2016 forecast in the 2002 book “Rich Dad’s Prophecy” – says the meltdown is under way, and there’s little investors can do but buy gold or silver and hope the Federal Reserve slows the slide.

Kiyosaki is convinced: The pullback he predicted is happening.

“We’re right on schedule,” he said in a recent interview with MarketWatch…

(Editor’s note: Bold added for emphasis)

Kollmeyer added later:

Kiyosaki told MarketWatch that the combination of demographics and global economic weakness makes the next crash inevitable — but the Fed could stave it off with another round of quantitative easing, which might stimulate the economy…

“The big question [whether] we do ‘QE4,’” said Kiyosaki. “If we do, the stock market will come roaring back, but it’s not rocket science. If we stop printing money, it crashes; if we print money, it goes up. But, eventually, it’s all going to come down.”

(Editor’s note: Bold added for emphasis)

To combat the crash, Kiyoski still places his trust in gold and silver, among other things. From the piece:

He thinks investors should own some gold or silver, based on the view that central banks will just have to print money to get out of the next crisis and precious metals are often deployed as a perceived hedge against inflation. Some investors, meanwhile, might look for investments geared toward income, such as rent payments or dividends, rather than appreciation.

“If you know what you’re doing and are investing for cash flow, baby boomers — or any investors — may see some gains,” he said. “But for those whose wealth is tied up in the [equity] markets, it’s more like gambling than investing.”

(Editor’s note: Bold added for emphasis)

An excellent interview of Kiyosaki by MarketWatch, which you can read in its entirety over on their website here.

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

(Editor’s note: 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.)

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