Please tune into This Week in Money for an excellent interview of Marc Faber by Howe Street’s Jim Goddard.
Goddard asked Faber what currencies he liked. Without hesitation, Faber replied, gold, silver, and platinum.
The interview with Faber starts a bit after 8 minute mark and lasts for about 30 minutes.
Faber also discusses, valuations, the US and Canadian dollar, oil, China, and the recession.
As always, Faber provides excellent food for thought.
If you have not yet read his book, Tomorrow’s Gold, please pick up a copy. It’s not about gold, it’s about opportunities.
Recommended Reading List
- Economics for Real People by Gene Callahan
- Economics in One Lesson by Henry Hazlitt
- What Has Government Done With Our Money? by Murray N. Rothbard
- Case Against the Fed: Murray N. Rothbard
- Tomorrow’s Gold Marc Faber
- Capitalism For Kids: Growing Up To Be Your Own Boss by Carl Hess
- Debunking Modern Monetary Theory (MMT) & Understanding it First by Erik Zimerman
- An Introduction to Austrian Economics by Thomas C. Taylor
Items two, three, four, and eight are free downloads at mises.org. Item seven is a free website article.
Links 1, 5, and 6 go to Amazon. I get a tiny cut of the action out of Amazon’s pocket. If you prefer Amazon gets the full price, then remove my reference.
Tomorrow’s Gold is one of the best financial books ever.
Mike “Mish” Shedlock
“As always, Faber provides excellent food for thought.” Well, the food he provided made me vomit. Gagging just thinking about it.
Tomorrow’s Gold is way too expensive at Amazon ….Just bought at Biblio.co.UK a ‘very good’ 2nd hand for 9,5 Euro, shipping to Belgium included….
Good.
Let me know how you like it
Most of us are 100% dependent on fiat money. IOU’s which currently seem to be printed with no thought of repayment, or the means to do so.
You buy gold and silver if you think your currency is going to collapse and hyper inflation is on the way. If you think deflation is coming, and I do, you buy gold and sliver as a hedge against falling asset prices. You protect your money.
You can’t blame Marc Faber for his predictions even if he is wrong this year. The fault lies somewhere else, and you know (I hope) where. Most of us here sense, we are on the wrong path, but pray you die before the SHTF.
I d say that 99% of the people have no idea what s going on and couldn t care less …Living ignorantly and taking everything for granted must be great ! ….
I think Sechel [see below] has a point here. It is fair that Faber re-iterates his “buy gold” message – his tagline on his blog includes the phrase “gold vigilante” for goodness sake.
Gold and other precious metals are a valuable component of any well diversified portfolio, but most people don’t buy into the hypothesis that our currency will be massively debased due to loss of confidence in central banks, and thus people should be heavily overweight in gold (who knows who is right, predicting things is very difficult, especially if they are in the future [thanks Yogi]).
As for his comments from 2017 on the right color of people who colonized America, these were unnecessary, and frankly not very clever even if you do agree with them. Those comments, resulting in Faber being fired.
Regarding the “gold vigilante” aspect of his advocacy, this simply does not make sense to me. I understand the arguments and have read a few of the list of books on Mish’s list in the posting, however if you truly believe that an imminent crash is coming, the last thing you should do is running around as “Dr Doom” and advocating buying gold. In fact, the opposite is true, he should be playing down the attractiveness of gold so he can buy at a lower price. This makes a lot of people question his motives – is he just looking for short term volatility in gold so he can skip in and out of the market, or does he really believe the long term, catastrophic value he warns us about?
Does he actually delete comments? I didn’t know this.
I see Vlad brought another 22 tonnes again last month to hit 2241 tonnes. Always interesting to see what the serious players are up to rather than reheated soundbites from the likes of Faber and Schiff.
Interesting – Russia mines 25 tonnes of gold/month, so they are still a net seller.
There could be at least four reasons for this:
Russia believe gold is under priced and are waiting for short term movements to time the market – the problem here is that they have tripled their gold assets in the last 10 years (from 15 to 45 million troy ozs) and so would swamp the market and push down prices if they were active in any meaningful way
Russia believe that the “Dr. Doom” people are right and are building assets for the EOTWAWKI – the problem is, if the dollar crashes, and everybody is poor, who is going to buy all their gold and in what currency unless they start bartering for oil, etc.?
Russia are stockpiling gold to ensure that 25 tonnes/month of production doesn’t undervalue the current price of gold and they can only sell 3 tonnes of the stuff per month without swamping the markets.
Russia intent to undermine the current capital structures in the same way they are undermining the democratic institutions in the West and are building an arsenal to cause as much volatility in currency markets as they can some time in the future.
Can any of our RT connected friends give us more insight?
Perhaps Russia wants to ensure that the Ruble is fully convertible worldwide, whatever may happen to the US dollar.
I have no affiliation with RT. Sorry to disappoint.
Perhaps Russia’s realised from bitter experience that socialism and neo-liberalism don’t work and that Austrian economics does.
Now what is Russia’s debt to gdp vs America’s?
What is Russia’s income tax rate vs America’s?
Perhaps you should ask your friends on Fox News, CNBC or CNN.
They could provide some proof that Russia is undermining democratic institutions in the West rather than propaganda. America would never dream of interfering in other countries.
Robin: I am not defending our past interference in other elections, but that doesn’t make it right. It especially does not mean we should just give up and not try to protect our democracy from all foreign interference. If China outdoes Russia in interference in the 2020 election and results in a Warren Presidency I’d wager that many of the people who trot out the “we did it before” argument will suddenly change their tune. Starting with McConnell who has been stonewalling efforts to improve election security.
I’ve still yet to see concrete evidence that Russia interfered in US elections. But then again it was OK for Obama to tell the British people that they would go to the back of the queue (every American says line, strange that) for any trade deals just before the Brexit vote. But then again, what’s a bit of election interference when compared to Obama’s bombing of seven different countries into the Stone Age. Thank god for Putin’s input in Syria otherwise Saudi backed ISIS flags would be flying over Damascus.
If I had tried to bet that Marc Faber would say Gold, Silver and Platinum were the best investments, no one who knew Marc Faber would have taken my money. This is easily the biggest nothing new here story Mish has yet written.
That isnt to say that Marc Faber isnt correct. I know little about the future. In fact the only thing I do know is that if Mr Marc Faber is asked the same question next year, he will come up with the same answer.
Gold, silver, platinum is a no brainer to those who genuinely understand what’s currently unfolding. The vast majority don’t. Platinum has joined the list on account of its extreme underperformance of gold in the past few years, whereas palladium has enjoyed a stellar run over a similar period so is less attractive – but only relatively. In any event, anyone with an investment horizon longer than 3 yrs is likely to do extraordinarily well from one or a combination of the above.
Long AAPL! 😉
Isn’t industrial uses for platinum falling? I am not sure if it is as monetary as gold or even silver, which makes its falling industrial demand more critical.