Mark Faber: Post-Brexit You Want to Own Some Gold (Video)

Marc Faber, publisher of the Gloom, Boom & Doom Report, had some simple advice for a post-Brexit world – own some gold.

So, what caused UK voters to abandon the EU in the first place? There are many theories as to what drove the leave vote, but Faber said it really comes down to one thing – frustration with the current system.

If you go to England, London is doing very well. The financial sector in London is doing well. The asset economy is doing well. But ordinary people aren’t doing well…There is dissatisfaction with the system, and this is what the vote is about. And I believe it would be better if the arrogant bureaucracy in Brussels would be contained and reduced in size.”

Faber said economic growth around the world is slowing, and he offered the same reason Peter Schiff did on his recent Fox Business appearance – central bank intervention. In a segment quoted by Bloomberg but not included in the video clip, Faber said we can expect more of the same from central banks in the wake of Brexit. Like Peter, he thinks the Fed will use the post-Brexit turmoil to engage in even more monetary intervention:

If Brexit is used as an excuse, the central banks will print more money, QE4 in the US is on the way and the depreciation in the purchasing power of currencies will continue. In that situation, you want to own some gold.”

Highlights from the interview:

“Gold share markets, all of the gold shares, are up 100% or more over the last six months.”

“Basically, that’s what the European countries have done. They’ve transferred their sovereignty to essentially unelected bureaucrats in Brussels, and I believe that countries function better if they are small countries. I believe the US would be a better functioning economy if it would consist of say 50 different states.”

“The growth rates have reduced and many countries are in recession already. That has nothing at all to do with Brexit. The global economy has begun to slow down 18 months ago. The US economy began to slow down at the end of 2014.”

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“Basically, the growth we had post-2009 has been very artificial. It’s been driven by money-printing, by central bankers that lifted asset prices. When asset prices – stocks, and bonds, and real estate – go up, it’s the so-called trickle-down effect. And Brexit is actually not about an end of globalization. Quite on the contrary, it’s about people that rebel against the arrogant elite in the financial centers.”

“If you go to England, London is doing very well. The financial sector in London is doing well. The asset economy is doing well. But ordinary people aren’t doing well.”

“There is dissatisfaction with the system, and this is what the vote is about. And I believe it would be better if the arrogant bureaucracy in Brussels would be contained and reduced in size.”

“If Brexit is used as an excuse, the central banks will print more money, QE4 in the US is on the way and the depreciation in the purchasing power of currencies will continue. In that situation, you want to own some gold.”

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