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Marc Faber Says I will Never Sell My Gold

Commodities / Gold and Silver 2010 Feb 12, 2010 - 04:41 AM GMT

By: LewRockwell

Commodities

Marc Faber the Swiss fund manager and Gloom Boom & Doom editor said the governments of every developed economy will eventually default on their sovereign debts, so the one thing he will never do in his life is 'sell my gold.'

Potential defaulter include the US, the UK and Western Europe.


Speaking to CNBC in a live interview via telephone, Faber said: "In the developed world we have huge debt to GDP, in terms of government debt to GDP and unfunded liabilities that will come due."

"These unfunded liabilities are so huge that eventually these governments will all have to print money before they default," he added.

Speaking at Russia's Troika Dialog Forum in Moscow last week, Faber said: "I'm convinced the US government will go bankrupt, but not tomorrow, and before they do they will print money [and] you'll get a depression with very high inflation rates."

"If you ask me about the correction in the gold market, sure, we already corrected 10% from the peak and it could last somewhat longer.

"But when I look at Mr.Obama, Mr.Bernanke, Mr. Tim Geithner and Mr. Larry Summers, the one thing I will never do in my life is sell my gold."

In an interview with Bloomberg Television in Hong Kong on Thursday, Faber reiterated he doesn’t see a “huge downside risk” for gold.

“I won’t rule out that gold will go down to US$950 or US$1,000, but I don’t expect more downside."

“I don’t see any scenario where gold will collapse," he added.

The famed investor told Bloomberg the euro may rebound to US$1.40 against the US dollar because the currency is currently “oversold” amid concerns over Greece’s deficit, the largest in the European Union.

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    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.


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