Faber: I Own Gold Because I Don’t Trust Banks (Video)
Marc Faber told CNBC what he turns to in an unpredictable world of central bank money printing: precious metals. We know that Faber buys and owns physical gold. When it comes to stocks, he also recommends focusing on gold mining companies.
Highlights from the video:
“I don’t want to be 100% in cash for the simple reason that I don’t trust government, and I don’t trust banks. I want to own some equities. I want to own some properties, and I want to own some precious metals. When we talk about stocks, the only group that stands out as great value around the world are gold mining shares…
“Last year, if you look at the gold price, it was after the US dollar, the second-best performing currency, down 1.4%. Against the euro, agains the yen, against the ruble, against everything else, it’s done well. I don’t know whether the gold price will go up right here or not. I think if I look at the ignorance of central bankers, and their recklessness of printing money, from the US to the ECB to Japan to the Bank of England – I want to own some precious metals…”
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