Advertise | Bookmark | Contact Us | E-Mail List |  | Update Page | UraniumSeek.com 

Commentary : Gold Review : Markets : News Wire : Quotes : Silver : Stocks - Main Page 

 GoldSeek.com >> News >> Story  Disclaimer 
 
Latest Headlines

Gold Seeker Closing Report: Gold and Silver Gain With Stocks
By: Chris Mullen, Gold Seeker Report

Ira Epstein's Metals Video 11 21 2017
By: Ira Epstein

Bitcoin, Bail Ins And Bullion
By: Mike Maloney

Tactics For The Gold Bull Era
By: Stewart Thomson

Dow Peaking? The Quick Guide to Diversifying Your Stock Profits
By: Jeff Clark

What History Says for Gold Stocks in 2018-2019
By: Jordan Roy-Byrne CMT, MFTA

Jack Chan's Weekly Precious Metals Market Update
By: Jack Chan

Synchronized Global Growth May Have Arrived
By: Frank Holmes

Gold Versus Bitcoin: The Pro-Gold Argument Takes Shape
By: GoldCore

Asian Metals Market Update: November-21-2017
By: Chintan Karnani, Insignia Consultants

 
Search

GoldSeek Web

 
Financial System “Will Implode” … “Hold Precious Metals” – Faber


 -- Published: Monday, 15 June 2015 | Print  | Disqus 

- “Whole Financial System Will One Day Implode” – Marc Faber
- “I feel like I’m on the Titanic …”
- Arguing over the best assets akin to re-arranging deck chairs on Titanic
- Investors need escape plan and “safety boat”
- Forget Fed rate hike, Fed QE 4 is coming
- Diversify and hold “commodities, precious metals”

goldcore_chart4_15-06-15

The highly regarded editor of the Gloom, Doom and Boom report, Dr. Marc Faber has warned that “the whole financial system will one day implode”.

Speaking on CNBC’s Squawk Box, he likened the global economy to the Titanic.

Dr. Faber believes that arguing over which assets are best in the current environment is akin to re-arranging deck chairs on the ill-fated Titanic. Only last month, Stephen King – chief economist with HSBC – made the same analogy.

“When I look at the whole financial sector … I feel like on the Titanic. We’re fighting about deck chairs -which assets are performing best and we’re fighting over the best tables in the ballroom – but I think it’s worthwhile to have your own safety boat and have your own ladder that will lead you to your safety boat because I think the problem is that the whole financial system one day will implode.”

goldcore_chart3_15-06-15

Faber believes that the Fed and central banks will have no choice but to wade back into another QE program rather than raise rates in an attempt to avert the iceberg.

Such a move would likely have negative consequences for confidence in central banks and paper currencies across the globe. Then, people may come to realise that the central banks are not omnipotent after all and that currency debasement is set to continue and even intensify.

Investors and savers need an escape plan. The safety boat which Dr. Faber has in mind entails a highly diversified portfolio.

Among the basket of assets he proposes are a 25% allocation to stocks, a 25% allocation to property, 30-year U.S. Treasuries and precious metals.

“I have advised my investors and also on this program that you have to have a diversification and that you should hold around 25% in stocks, 25% in real estate” … “And I would also hold some commodities, precious metals.”

Faber remains long gold – but he prefers physical gold coins and bars and opts for storage in Singapore.

Marc Faber on Storing Gold in Singapore
Essential Guide To Storing Gold In Singapore

MARKET UPDATE

Today’s AM LBMA Gold Price was USD 1,178.25, EUR 1,049.57 and GBP 760.01 per ounce.
Friday’s AM LBMA Gold Price was USD 1,179.25, EUR 1,055.68 and GBP 761.27 per ounce.

Gold fell $0.50 or 0.04 percent Friday to $1,181.00 an ounce. Silver slipped $0.10 or 0.62 percent to $15.94 an ounce. Gold rose 0.86 percent for the week, while silver fell 0.99 percent over the 5 trading days.

Gold in U.S. dollars

Gold in U.S. dollars

Gold in Singapore for immediate delivery was up 0.3 percent to $1,184.28 an ounce near the end of the day, while gold bullion in Switzerland came under pressure and fell 0.6% to $1,177.40 an ounce.

Gold in Asian trading saw safe haven bids push gold higher after Greece failed to agree to a deal with its creditors. However, prices then came under pressure despite falling stock markets and declining risk appetite.

U.S. Fed officials are still undecided as to when to raise interest rates. At the Fed’s previous meeting they removed all date references in its forward guidance and noted that the economic weakness may be “transitory” in nature. By alluding to this the Fed is now dependent on published economic data and a rate increase could happen at any future meeting. The wording of the policy statement released this Wednesday will be interesting.

Greece left last minute crisis talks with its creditors after 45 minutes of negotiations. Prime Minister Alexis Tsipras arrived with no new initiatives to the talks. nor did Greece’s creditors. Greece’s latest payment is 1.6 billion euros to the IMF by the end of June.

In late morning European trading gold is down 0.59 percent at $1,174.13 an ounce. Silver is off 0.40 percent at $15.88 an ounce, and platinum is also down 0.87 percent at $1,082.68 an ounce.

Breaking News and Research Here


| Digg This Article
 -- Published: Monday, 15 June 2015 | E-Mail  | Print  | Source: GoldSeek.com

comments powered by Disqus



 



Increase Text SizeDecrease Text SizeE-mail Link of Current PagePrinter Friendly PageReturn to GoldSeek.com

 news.goldseek.com >> Story

E-mail Page  | Print  | Disclaimer 


© 1995 - 2017



GoldSeek.com Supports Kiva.org

© GoldSeek.com, Gold Seek LLC

The content on this site is protected by U.S. and international copyright laws and is the property of GoldSeek.com and/or the providers of the content under license. By "content" we mean any information, mode of expression, or other materials and services found on GoldSeek.com. This includes editorials, news, our writings, graphics, and any and all other features found on the site. Please contact us for any further information.

Live GoldSeek Visitor Map | Disclaimer

The views contained here may not represent the views of GoldSeek.com, its affiliates or advertisers. GoldSeek.com makes no representation, warranty or guarantee as to the accuracy or completeness of the information (including news, editorials, prices, statistics, analyses and the like) provided through its service. Any copying, reproduction and/or redistribution of any of the documents, data, content or materials contained on or within this website, without the express written consent of GoldSeek.com, is strictly prohibited. In no event shall GoldSeek.com or its affiliates be liable to any person for any decision made or action taken in reliance upon the information provided herein.