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Financial System “Will Implode” … “Hold Precious Metals” – Faber
Financial System “Will Implode” … “Hold Precious Metals” – Faber
- “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”
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 ownsafety 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.”
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 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.
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I've been listening to Faber for 20 years - and the whole time, he has said the same thing
I should have been listening, look at the price of gold 20 years back and you realize how a profitable investment it was then.
Funny--I've had the exact same experience with Randy Newman.
Fabers talking to his uber rich buddies by saying store your shit in Singapore. For the common man, buy some local shit (whatever your budget allows) and keep it in your possession. Preferably silver coins and bars, you know, shit that is a little more liquid than a 10oz gold bar.
The best storage for PM is "in your pocket", not fucking Singapore.
"Faber remains long gold – but he prefers physical gold coins and bars and opts for storage in Singapore."
Does he now? Well, good luck to you, Mr. Faber.
I prefer gold (and silver) in popular jewelry and other forms, and opt for storage on my body, and close by.
I don't know, I guess some folks think they're gonna emerge like the King of the World or something. I can't imagine any large purchases I'd make in a world going through uncertainty...What on earth would I do with gold bars in Singapore?
I'd need a way to barter for a tank of gas, a gallon of milk, medicine, etc...right here where I live. A necklace, a bracelet, a ring...all small, pretty, easily traded forms of gold for day to day needs. Easy to carry, like on my neck or wrists, not easily subject to confiscation by authorities. (They WILL come after those gold bars Mark...just sayin')
And really, if TSHTF, does he really think those gold bars would be waiting for him all nice and safe? Bless his heart!
"What on earth would I do with gold bars in Singapore?"
Watch them not vaporize, like the digits in your account.
When the SHTF the banksters will simply send in their troops and steal the gold -or bribe their Bankster friends who hold the gold. I don't think faber really has all his precious metals in Singapore. This is misdirection -he doesn't want the bad guys to know where his gold and silver really is. That would be stupid - and faber is no fool.
For small barters Silver will outperform Gold for day to day trades.
Get yourself some 90% Silver, pre 1964 US Business Strike Coinage.
If you are in Canada then get yourself some 80% Silver, pre 1967 Canadian Business Strike Coinage.
Gold is way too expensive..It will be used for Wealth Preservation and can be dispensed after the reset...if there is a reset and not total chaos.
Get a $1000 Face Value Bag if possible.
Trade some Gold for it.
Good luck. We are in for a rough ride.
Oh yes, silver too...The day will come when people wish they had gotten it when they could.
Hold vital metals: PMs, precious metals, and BMs, bang metals (lead, brass, and steel).
Liberty is a demand. Tyranny is submission.
Big steel blades mounted in wood and suspended by ropes.
And while your stockpiling lead, don't forget those tiny little molds that turn them into funny shaped projectiles,
Again, I can't imagine why any citizen would not have in his physical possession one one-ounce silver coin minted by his government.
The answer to your statement is quite simple, really.
America's got (no) talent.
I see what you did there.
:-) hee hee
Beyond buying metals and gold as worthless as a rock or stone on the ground.
Time to buy Guns/Ammo and start your defense communities.
History has shown, either the elite get they money, or start a war.
When they commit this act against our country again, this false flag, on our own people, we should recognize this as an act of aggression from the facist American elites fighting the democratic American people, hence the civil war. The people would always win considering the numbers so war with Russia would be the only motive behind the latest elitist meetings. When the false flag flies will be a symbol of worldwide awareness and unification against the elites when the entire WORLD unites as one and frees itself!
Really?? This semi-idiot says gold/silver are worthless, throws out a "history has shown.." bullshit line, and he gets +5
Whats going on with ZH?
History has shown (for real) that gold/silver are worth a lot and the ppl will cower in a corner on even the most obvious false flags.
I'll give him half marks for the Guns/Ammo part tho.
Quit troubleing yourselves, go fuck a watermellon. It would be like what Bill experience when he puts to Hillary.
I'm allergic to watermelon.
This is getting to be like The Second Coming. Everyone is screaming the death of the dollar or this economy or that economy and not a soul can give a guess as to roughly when this will transpire. You mean to tell me no one can write a decent predictive model? Or, it just occured to me, they have and won't share it.
"This is getting to be like The Second Coming." --Baa baa
Collapse is math, Jesus is myth.
they dont need QE there is enough left from the last round, they will recirculate with REPO and POMO. and adding liquidity to a market in which rates are rising can work, it did for Greenspan, little baby steps, and then go the REPO window for more casino chips to play the inflationary bias. the real question is what happens when war spending winds down (it wont but if youre faber you have to have something) right after the vietnam war was a really bad economic patch, right up to Reagans first term. then Reagan sequewayed into cold war 2 and spent billions defeating the soviets, using deficit spending and we have been on this ride ever since. the thing that makes the 1% nervous is the political process. every eight years we have to change horses, and it scares the hell out of them. why do we vote? anyway they take money off the table (2008) and they will next year (2016) until the new man is properly vetted into the corrupt system we have today. but hillary looks like quite the toady and bush3 understands as well, that paul guy might be trouble, so we have to make him look silly. might take some time. meanwhile take the chips off the table, and if the wrong person wins, that money will go into gold and silver and you will be stinking rich if you own some.
The MSM will torpedo anyone who is not the establishment choice. IOW, anyone who isn't Bush. Hillary has been attacked twice on Saturday Night Live, ala Palin. She's not the choice simply because it's time to install a Republican puppet. If Paul were to get in, it's because he's promised, to his masters, to keep the warfare/welfare machine going(similar to what Reagan promised Rockefeller in '80). If Bush is VP on the ticket, Paul best watch out for bullets!
Talking like that can lead to terminal "accidents"......
It's a travesty that even needs mentioning.
*** BREAKING NEWS ***
I got my replacement bank card in the mail today. Not news you say,,, Well, it doesn't expire until Nov. 2016...and the replacement has a chip in it. chip chip hooray!!! The release schedule is being accelerated.
Make of this what you will...
;-D
A decade behind european credit cards with the CHIP and pin.
One of my cards has a number generator key fob that synchs with the bank for each
unique transaction.Had that for three years already.
American banks are dinosaurs in banking tech.,
Dinosaurs on purpose.
Gorging on fees tolerates high fraud levels of current POS systems.
I agree, crony capitalism as advanced as ours tends to provide the cheapest crap they can pawn off on you without too much screaming. They don't even call us "customers" anymore.
Eysium will not be built.
;-D
Bank gets a bigger cut our way.....