Marc Faber has again encouraged individuals to own physical gold, to be wary of possible government confiscation and said that the big question is where to store your gold.
“ … But I would say an individual should definitely own some physical gold…The bigger question is where should he store it?”
“Because I think if we think it through, the failure of monetary policies will not be admitted by the professors that are at central banks.
They will then go and blame someone else for it and then an easy target would be to blame it on people that own physical gold because they can argue, well these are the ones that do take money out of circulation and then the velocity of money goes down … we have to take it away from them.”
That has happened in 1933 in the US…
With our brilliant governments in Europe that follow US policies and with the ECB talking every day to the Federal Reserve, they would do the same in Europe, take the gold away from people.”
Marc Faber is an eloquent advocate of owning physical gold which he describes as being a way to become “your own central bank.” He believes an allocation to physical gold will serve as vital financial insurance and that Singapore is the safest place to own gold in the world today.
Watch the complete interview with Marc Faber on the GoldCore.com blog
Today’s Gold Prices: USD 1154.40, EUR 1014.95 and GBP 757.16 per ounce.
Yesterday’s Gold Prices: USD 1164.20, EUR 1021.54 and GBP 758.14 per ounce.
Gold in USD – 1 Year
Gold was marginally higher yesterday and finished $5.10 higher, closing at $1162.40. Silver closed at $15.85, up $0.1 for the day. Euro gold rose to €1023 per ounce, platinum gained $16 to $993 per ounce.
Gold logs highest close in 3 months – MarketWatch
Gold Rises to Seven-Week High on Weak Dollar, Likely Rate Delay – Bloomberg
Gold hits 3-month high as traders bet on U.S. rate hike delay – Reuters
Fed officials seem ready to deploy negative rates in next crisis – MarketWatch
House prices tumble as buyers caught in a rent/deposit ‘Catch 22? – Independent
The world economic order is collapsing and this time there seems no way out – The Guardian
World cannot spend its way out of a slump, warns OECD chief – The Telegraph
Bron Suchecki: Bundesbank’s gold bar list would fail an audit – GATA
Why Gold Is Surging: BofA Says To Expect A “Massive Policy Shift In 2016? – ZeroHedge
Fed Quietly Revises Total US Debt From 330% To 350% Of GDP, After “Discovering” Another $2.7 Trillion In Debt – ZeroHedge