World renown author and forecaster Marc Faber’s [Tomorrow's Gold: Asia's age of discovery, Riding the Millennial Storm: Marc Faber's Path to Profit in the Financial Markets,The Great Money Illusion; The Confusion Of The Confusions] latest take on the situation:
Barron’s: You have said stocks could be dead money for awhile, but not so gold. What’s next for the yellow metal?
Marc Faber : Gold peaked at $1,921 an ounce in September 2011. Since then, it has been in a correction mode. Sentiment is bearish, but some countries are accumulating gold, notably China, which will buy an estimated 2,600 tons this year, exceeding annual production. Prices probably are bottoming
Gold-mining shares aren’t expensive either, although many exploration companies won’t make it. If you buy the miners, look for companies that have raised capital already or have sufficient reserves. They are best-positioned to survive the next few years if there is no upturn in the gold price.
Marc Faber is an international investor known for his uncanny predictions of the stock market and futures markets around the world.
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