Tags: marc | faber | gold | bernanke | geithner

Faber: I'll Hold My Gold as Long as Geithner, Bernanke In Power

Monday, 26 Apr 2010 09:15 AM

  Comment  |
   Contact  |
  Print   |
    A   A  
  Copy Shortlink
Economist Marc Faber, publisher of the Gloom, Boom and Doom report, says he has no intention of selling his gold as long as certain U.S. leaders remain in power.

“I own my gold and I will never sell it, especially when I see clowns like Ben Bernanke, Larry Summers, Tim Geithner,” Faber says.

"When I'm looking at all these characters in government, I want to own physical gold," he says.

"The question is will there be a crisis of confidence in all paper monies and what will the reaction of investors be?” Faber told The Daily Crux. “I would imagine that when the crisis really emerges, you'd see people flee from all paper currencies into precious metals."

Faber wouldn't rule out a gold price move to the $950-$1,000 level, where gold broke out last year, but expects that if gold goes lower than $1,050, the Chinese will start buying more. “I think they're waiting for lower prices,” Faber says.

"We're just coming out of a seasonal period where gold is often weak, and heading into a period of seasonal strength, so it's possible gold may start outperforming here."

The price of gold is under pressure as the euro is lower versus the U.S. dollar after a recent rally, goldalert.com reports, hovering above $1,150 per ounce.

Analysts believe that if China revalues its currency, there would be lower demand for dollar-denominated assets, which would lower the value of the U.S. dollar and strengthen gold.

© 2014 Moneynews. All rights reserved.

  Comment  |
   Contact  |
  Print   |
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Conservatives Should Accept Boehner Immigration Plan

Wednesday, 03 Dec 2014 22:54 PM

House Speaker John Boehner’s plan to fund the government operations for a year, but exclude Immigration and Customs Enfo . . .

Dick Morris: Democrats Conspiring to Rig Electoral College, Law Passed in 9 States So Far

Tuesday, 15 Apr 2014 09:26 AM

A plan, now stealthily making its way through state legislatures with astonishing speed, would junk the Electoral Colleg . . .

Dodd-Frank Act Has Not Reformed Wall Street

Tuesday, 09 Aug 2011 14:53 PM

July 21 marked the anniversary of the passing of the Dodd Frank Wall Street Reform and Consumer Protection act. Unfortun . . .

Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved