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Faber: “Physical Gold” In Switzerland and Singapore Is 20% Of “Net Worth”
Today’s AM fix was USD 1,254.00, EUR 922.20 and GBP 761.89 per ounce.
Yesterday’s AM fix was USD 1,254.75, EUR 917.89 and GBP 756.42 per ounce.
Gold climbed $15.70 or 1.25% yesterday to $1,269.80/oz. Silver rose $0.20 or 1.02% to $19.78/oz.
Gold is marginally lower in most currencies today paring the first monthly advance since August. The gains yesterday came despite the U.S. Federal Reserve further reducing their massive bond buying programme to $65 billion a month.
Bullion for immediate delivery lost as much as 0.6% to $1,260.10/oz and was at $1,261.46 at 1500 in Singapore. Prices rose 0.8% yesterday on concern a rout in emerging-market assets may deepen and lead to contagion, leading to safe haven demand.
Increased physical demand in Asia has helped gold to rebound from a six-month low on December 31.
Marc Faber is back with a wide-ranging must read interview with Barron’s. The astute investor who has a clear track record in protecting and growing wealth urged investors to own physical gold.
"Own physical gold because the old system will implode. Those who own paper assets are doomed."
Faber added,
“I have no faith in paper money, period. Next, insider buying is also high in gold shares. Gold has massively underperformed relative to the S&P 500 and the Russell 2000. Maybe the price will go down some from here, but individual investors and my fellow panelists and Barron's editors ought to own some gold.”
With regards to his allocation to physical gold, Faber was as transparent and candid as ever and said that he holds about 20% of his net worth in physical gold.
Marc Faber
“About 20% of my net worth is in gold. I don't even value it in my portfolio.”
Faber told the Wall Street Journal in December 2012 that:
"Individuals are making a mistake if they're holding all their assets in one country.…I still have the majority of my gold in Switzerland, but I am already moving gold to Asia," he said.
Mr. Faber said his Asian storage center of choice is the Singapore FreePort, located in its own duty-free zone near the city's airport.
Find out why Singapore is now one of the safest places in the world to store gold in our latest gold guide - The Essential Guide To Storing Gold In Singapore
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I use gold as the ballast for my boat.
What could possibly go wrong?
And this is why smashing the gold price destroys the global economy as well as drains teh banking system of its gold. Idiot bankers think absolutely worthless MBS toxic garbage cannot be allowed to lose a bid. But cannot comprehend that the entire world saves in gold and uses it for collateral. What did they actually expect to happen when they smashed gold besides complete disruption of the global economy?
Gold market is showing the further signs of extreme levels of leverage in the Gold Fractional Reserve System and more evidence of the shortages in the physical Gold available for delivery. There are reports that JPMorgan Loses 44% of Gold Inventories in 4 Days.
http://sufiy.blogspot.co.uk/2014/01/jim-rickards-macro-view-meet-janet.h...
http://singaporedissident.blogspot.com/
The swiss have disappointed many investors in the last few years.They have sold out to appease the Americans which is a shame. If you want to control your own destiny, invest in gold coins, and keep them for yourself.
The current situation will pass, only to be replaced with who knows what. Gold has been through such scenarioes many many times througout history, and it has worked every time. That is not the case with any paper currency.
Wherever you live, imagine having a bunch of notes from 100 hundred years ago, and a stack of gold coins. Chances are, if outside the USA, the paper has only got historical interest, but no monetary value as such, it might have become a collectors item, but likely not be very valuable. the coins will have the gold current value, or might have a larger collector value.
in the extreme, rot, fungus, rats (including bankers and politicians) or water could have destroyed your paper stash. None of those would have touched the gold.
I can't see why this is not blindingly clear to anyone in these times.
Paging Fonestar....
My impression of Singapore is a ruthless, fake democracy run by one family whose patriarch is about to die the country is a powder keg of simmering racial and economic dissent waiting to explode. Singapore is also completely dependent on a somewhat hostile Malaysia for its food and water. The Singapore real-estate market is grossly over valued and ripe for a fall. There is no independent court system and no freedom of speech.
These guys, like jim sinclair and simon black, others are pushing people to open bank accounts and move their gold to Singapore. Singapore is also crawling with revenue police from usa and euro looking for citizens moving their money and gold to Singapore. hmmmmmm.
Big picture, no city state in history has ever survuved. especially one on an island. I would say your gold is not so safe in Singapore as some would have your believe.
Switzerland is a LOT safer than Singapore too, just look at the size of the Singapore "army": 72.000.
Swiss Army: 3.000.000.
Switzerland is surrounded by mountains, Singapore by water, and a powderkeg of instable and dirt-poor countries.
If you're serious about storing your gold, then I know where I'd put it... and Singapore is NOT it.
I dont always use paper. But when I do.....I wipe my ass with it.
Before you spend it...right?
If you rub them notes hard into your haemorrhoids you can get a real hit from all the cocaine.
If you MUST own paper, then own CHF, I think they still have 10% in GOLD, and its proven.
The USD is backed by BITCOIN, ... which means shit.
No, please don't buy CHF, for your own good (and that of the planet).
To paraphrase Hank Johnson-- the whole nation will become so overloaded other people's with worthless fiat that it will sink into the Alps shortly before a black hole created by the Large Hadron Collider takes the rest of the planet with it.
CHF no longer backed by gold and is now directly tied to the Euro.
Swiss do NOT want a 'flight to safety' to the CHF because it makes Swiss exports too expensive. Not many options available in paper money for 'safe havens' - npo where's near enough to meet the oncoming demand. Norway? Singapore?
Switzerland can turn that decision around at any time, so when TSHTF it will be a VERY safe place to store your wealth.
Geographically, historically, economically and socially: the Swiss are healthy and prepared to fight for their country, with over 40% of the population armed and ready - remember, all males go to a refresh course every year, they only need ammunition and they are ready to go.
HA! Remember when there was (a new round of) mass fiat printing around the world and GOLD dropped the very same moment SNB announced the epic money printing peg to the euro...cause that made sense.
I wonder if it will take Faber 6 years to move his gold to Singapore?
6 seconds, if he uses a dollar to sell and buy it.
60 minutes (probably less) if he uses bitcoins to sell and buy it
Wagontrains went out with the development of wires, much less protocols.
Fabor has always been about the use of gold as a store of value. I don't think that he would have trouble with the use of the dollar as a short term medium of exchange...
Easy enough to sell gold for dollars but buying?........ Can you be sure you're getting the physical you paid for?
Someone needs gold in Singapore while someone else needs gold in Switzerland. Faber would have no problem finding the right person to get the deal done.
I've got 30% in Gold and Miners, that's enough for me
Anywhere else I should be putting my money?
Agriculture.
Into land with timber and open acreage for ag production. Then build yourself a free and clear home. Then stick your middle finger in the air, with, of course, your trigger finger at the ready.
in your pocket...
in your myRA
During this historical period alongside the process of complete and utter destruction of wealth/environment/reources/clean water/the freedom to assemble even as the-buyers-of-gold-of-last-resort like the privately owned central banks (The 1%) many seek to emulate/and so on...........you could try buying solar panels as they too are under attack fellow australian biped mammal.
Nobody mentioned Silver Sulfadiazene. excellent anntiseptic that you could look at also.
Solar would be no good where I'm based, but once I get my house sorted I'll be investing in seeds and soil.
Be careful with that Silver Sulfadiazene. Unlike gold you can't eat it, unless you want to end up looking like this: http://www.silvermedicine.org/argyria_man.jpg
How does one buy a loaf of bread after collapse, assuming gld confiscation?
How protect gld, realistically?
Would advertised vaults near major airports be the place to store the gld stash?
Price may be down but big brother is watching.
The guy was making his own coloidal silver using tap water instead of distilled water. In my case, i used Silver Sulfadiazene to prevent a 30+ year plantar wart from secondary infection after i killed it using vinegar. Ouch !! But no scar, and a perfect result that is over one year old now.
I sprinkled the coloidal silver water in my shoes and socks for added protection.
Tap water vs distilled water doesn't really matter much, colloidal silver can penetrate cell membranes and is bioaccumulative. Not a huge problem for rare topical use, but regular use is going to make a smurf out of you given enough time.
yuck
Silver. G/S ratio 64.9
I'm already loaded up on silver.
Since the silver market is smaller, it looks like it gets monkey hammered even harder than gold. So buy those dips.
In what way are gold shares different than other paper?
Do you think the miner will deliver gold to your door instead of paper profits?
I just do not understand how someone can be down on 'paper' yet exclude mining stocks. When all paper burns...it will all burn.
A lot of money will be made in gold stocks but the tricky part is knowing when to pull your profits out and converting it in to physical gold or land or whatever. My strategy is having physical gold/silver, cash, and some "gambling money" in gold stocks. If gold stocks go to the moon I can cash out and stock up on more food, ammunition, PM's, etc. I don't think the "paper" will burn overnight I guess.
A lot of money will be made in gold stocks---" And you know this how? Basically, because you need to believe it. There's no evidence for it; no rationale for it. A stock is a stock; a piece of paper in a paper market.
A lot of money could have been made in BITCOIN too, had you bought in 2010, ...
Paper Gold mining penny stocks will go to the moon, cuz they have in the past, ... right
The greatest GOLD bubble in a generation has just finished, ... there will not be another for a generation.
BITCOIN is telling, cuz nutcases are looking for an ALT to GOLD,...
but gold did PEAK bubble climax to $1900, then it dropped 50% and there it stays at a 'sweet spot'.
Given the range of gold is $800 to $1600 FMV, I would say that buying now is plain stupid, ... just wait and buy all you can at $800. Then enjoy the ride, ... but I would sell at anything over $1600, all that hassle for 100%, not worth it, ... far better to buy cheap AG-LAND in the right place.
Lot's of 'bargain' farm-land around, its a deflationary depression cycle, those with CASH, are awaiting.
Gold's play has come and gone, ...
Tooo bad there are so many one trick pony's that only know how to whore penny gold stocks.
My friend. You are talking as if you are oblivious to the state of the world.... Some things are known without being told. At this point I realize that genuine mathematics have no place in the market other than potential options for the choosers to choose yet ironically genuine mathematics are squeezing the coruption to the surface. This farce of some genuine form of an economy represents an imbalance to natural law (balance not continual growth) and imbalances cannot be sustained. The efforts of the central money agencies are failing, but not from not trying hard or choosing unwisely, from simple natural mathematical impossibility of success. There is literally nothing they can do to hold this mess together much longer at all. Soon the spot price of gold will be set in a Chinese exchange. What do you think the price will be then? They haven't stopped buying. Nobody has. Fiat currencies always fail. The failure of currencies can be observed and measured as an increasing potential for dilution as monetary empires move from pure gold and silver money to diluted gold and silver money to gold backed paper money to paper money (too digital money?) The entirety of this time - this grand transition - wealth has been accumulating into very few hands, the source of the potential for dilution, the diluters! Many lose sight of the forest through the trees and don't realize the entire financial conundrum is one huge natural imbalance bubble itself. It's a purpefully purported imbalance. A grand imbalance. An ending grand imbalance. If there were an honest price discovery of precious metals I'm sure it would be multiples at least. Just wait until the Chinese get to value their stash themselves. On an unrelated note the falafel sandwich I ate is killing my stomach.
Beautifully written!
BTW, always stay away from the Lamb they sneak into those 'veggie' dishs
A lot of money will be made in BITCOIN, but the trick is getting your money (USD), given that its a SELLERS market and there are no buyers today, we can only imagine how ugly it will be tomorrow. If BITCOIN has no buyers in the best of days, how in the hell could you sell BTC in bad times? You can't now or tomorrow.
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Paper Gold is not unlike BTC, who in the hell is the buyer?
Easy to get in, impossible to get out.
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Only one kind of gold the kind you have in your possession.
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Fairly clear that FABER is now selling paper-gold for friends in SINGAPORE. All of FABER's money is in Thailand real-estate, and the rest is in Hong-Kong. Faber doesn't have anything in Singapore himself, he's just tellling others to do so.
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Even in the best of times BITCOIN went to the moon, it was all the EXCHANGES "SELLING", sure they're finding folks to sell SHIT for BITCOIN, but that is just getting VENDORS to BUY BITCOIN, but try to get MONEY for BITCOIN, NADA
The media of course still call BTC ATM an ATM, its not its an ADM ( auto deposit machine ), ... nobody will give you CASH for BTC, they're NOT stupid.
sooner or later every real Patriot will have to store gold SAFELY.. RESPONSIBLY. That is, in a Government-operated facility
Sorry bud, I don't think anyone here understands sarcasm unless you actually type /sarc.
Yeah but Bitcoin is the "new economy". Wait I mean the new "new economy".
I read yesterday that Bitcoin is being overtaken by moneyed interests who seek regulation while libertarian anarchists are being marginalized. Seems it could be a perfect New World Order currency for the elites. Nice work, anarchists, setting things up so well for them.
http://www.reuters.com/article/2014/01/30/us-usa-bitcoin-future-analysis...
Your use of the word 'anarchist'. An anarchist society is not a society without rules, it is a society without rulers, where wealth is held in common and so on.
Sounds like a Utopian fantasy.
Unfortunately, it also violates the Golden Rule- He who has the gold- makes the rules,
as well as its corollary, He who has the gold- gives some of the gold to he who has the lead, in order to ensure that the rules are obeyed.
That version of anarchy simply doesn't scale up to modern interconnected and interdependent nation states.
"Unfortunately, it also violates the Golden Rule- He who has the gold- makes the rules,"
Or he who is the gold buyer of last resort, becomes the buyer of last resort.
A new principal you are in the process of discovering.
You're a presumptuous little shit aren't you?
Why don't you try moving up the evolutionary ladder instead of down it?
I haven't bought any gold in years, and I don't need to buy any gold. I'm also a rabid Anti-Federalist/Confederationalist living in about the closet thing this planet actually has to a functioning anarchy, and which has been central to development of anarchistic intellectualism since the St Imier congress.
http://www.anarchy.no/swiss1.html
It's bad enough to show up to a gun fight with only a knife, against a Panzerbataillon, it's suicide.
(2 days 11 hrs - that explains a lot, whatever ever happened to "read before you post"... it must have went the way as the math test)
I have been on ZH for 2 years, and I have never had an account last more than 2-4 weeks without being deleted and/or banned, and sometimes when I get blocked, they delete all my comments and sometimes not.
What I have learned is I look at how long someone has been on ZH and I know whether they are a tyler or a ZH-BOT, and then I know they're a real person or not, real people always get blocked here, cuz they don't follow party line.
Just saying, ... Give them hell 'gold myth', they need people to tell them the truth, they think that deleting and banning gives them power, no it doesn't it just makes them look like pussy's. It's not fight club here, its pussy club 24/7.
I only looked at the account as an after thought (and because we DO need the captcha - if nothing else to eliminate user/system induced double posts).
Regardless, if he had been here any time at all, he wouldn't have walked into that (or he would have at least come with a bit more than a cheap ad hominem).