GoldSeek Radio Nugget - Dr. Marc Faber: Gold Is a Hedge Against a Sick Financial System

Dr. Marc Faber, editor of the Gloom, Boom, Doom Report, says he holds more gold than any other investment class!

- Dr. Faber prefers gold, noting it holds its purchasing power better than alternatives.
- Gold protects investors against inflation from fiscal and monetary policies.

"Although I have the largest position of my entire assets in gold. I think that the gold price has actually maintained the purchasing power of money very well over the last 10, 20, 30, 50 years. Just consider: when I started to work in 1970, you could buy an ounce of gold for $35. Now, it's $2000. In my book, this increase in price [of] gold has actually increased more than my cost of living.

And my cost of living has gone up a lot. But it has exceeded that. So, I don't think that gold is that cheap as some observers say. I think I hold gold because I have great skepticism about the health of the financial system. And as long as central bankers exist and central bankers are vicious bureaucrats.

That have printed money and finance the expansion of governments, and as a result of the expansion of governments, individuals have less freedom..and I am in favor of individual freedom and responsibility...and I am against the planning economy, but the central bankers are central planners, nothing else and they plan with the printing of money...and as long as central banks exist, gold and other precious metals are a good way to protect yourself from their viciousness."

- Gold shares and gold mining companies are relative values compared to bullion.
- Dr. Faber reviews the chart of crude oil energy shares - competitive yields.
- International markets Dr. Faber likes as turn-around candidates: Hong Kong, Pakistan, Brazil, Uzbekistan, and Iraq.

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