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UK General Election Forecast 2019

Marc Faber Gold, Stocks and Oil Outlook for 2010

Stock-Markets / Financial Markets 2010 Jan 22, 2010 - 05:33 AM GMT

By: LewRockwell

Stock-Markets

Here is the summary and my thoughts on a trio of Dr. Marc Faber's latest interview where he discussed his 2010 outlook on China bubble, sovereign default risk, stocks and commodities.


Faber is most famous for advising his clients to get out of the stock market one week before the October 1987 crash. News just broke that Faber, a famed contrarian investor often known as Dr. Doom, has joined Sprott Inc. SII-T as director and member of the money management firm's audit committee.

Euro Death By PIIGS

Faber believes the countries most likely to blow up are the "PIIGS": Portugal, Ireland, Italy, Greece, and Spain. One or more of them will likely default in the next couple of years, which could mean the death of Euro.

Debt Interest Costs to Triple

According to Faber, the U.S. annual interest costs, currently around 12% of the government's tax revenue, will soar to 35% of tax revenue within five years. This will force the government to cut spending (an unlikely scenario), and/or frantically print more money

U.S. & Japan – Default in 5 to 10 Years

Excessive money printing and debasing of the Dollar would most likely result in the United States defaulting on its debt within 5–10 years Japan could face the same fate as well. (See more U.S. debt crisis charts from Faber here.)

Note: Jim Rogers sees U.K as in danger of an implosion as well.

U.S. Stocks – Correction Coming

After noting in his January 2010 newsletter that he was bullish on U.S. stocks, Faber changed his mind after participating in Barron's round-table discussion. Faber says the overly bullish consensus worries him.

He now believes a correction in U.S. stocks could come much sooner than most expect as momentum players could "pull the trigger relatively quickly." Faber is now looking at a 5%–10% rate of return for global investors.

Bonds

Bonds could be in for a rebound near term, but longer term, investors should look for exit opportunities in Treasuries.

Read the rest of the article

http://www.lewrockwell.com

© 2010 Copyright LewRockwell.com / IStockAnalyst.com All Rights Reserved
Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.


© 2005-2019 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


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