Marc Faber: U.S. Government Could Manipulate Gold Price Down, Make Illegal And Confiscate, Then Revalue At Much Higher Price
This morning, the Yahoo! Finance investing show Talking Numbers had Swiss-born investment adviser/fund manager Marc Faber on, and one of the topics discussed was gold. From the exchange between host Brian Sullivan and “Doctor Doom”:
SULLIVAN: Would you buy gold if it continues to fall? Are you buying gold right now?
FABER: Yes.
SULLIVAN: Yes to both?
FABER: I bought gold at $1,400. I buy every month some gold. And I have an order to buy more at $1,300 because I want to keep an allocation towards gold- physical gold- and not stored in the United States at all times.
SULLIVAN: Now you were emphasizing outside the U.S. We’re a pretty safe country Mark. Why do you have to keep the gold out of here?
FABER: Well, “safe country?” I’m not so sure about that under the present government.
Later on in the interview Dr. Faber, who became famous for advising clients to get out of the U.S. stock market one week before the October 1987 crash and for predicting the 2008 global financial crisis (among other calls), added the following:
What the government could do once again- and that is a possibility- they could artificially depress, manipulate the price down, and then say gold is illegal to be held. “We have to collect all the gold from the citizens.” Say, if they manipulated the price down to $1,000, they could collect it at $1,000. And then revalue to $10,000.
When asked if the above scenario was probable, the publisher of the monthly investment newsletter The Gloom Boom & Doom Report indicated it was not.
“Dr. Doom: The Government Can Take Away Your Gold”
Yahoo! Finance Video
By Christopher E. Hill, Editor
Survival And Prosperity (www.survivalandprosperity.com)
(Editor’s notes: Info added to “Crash Prophets” page; I am not responsible for any personal liability, loss, or risk incurred as a consequence of the use and application, either directly or indirectly, of any information presented herein.)
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