Long-time gold bull Marc Faber provided his latest thoughts on the price of gold and silver on Tuesday at the New York Hard Assets Investment Conference.
Dr. Marc Faber, editor of The Gloom, Boom & Doom Report, reiterated his bullish outlook on gold but made cautious comments on stocks and cyclical commodities. He argued that the recent growth in Chinese money supply, which has surpassed that of the U.S., increases the prospects for further interest rate increases in China. Tighter monetary policy will in turn pressure equities and the broader commodities complex, both of which have benefitted substantially from unprecedented levels of liquidity from central banks.
Faber pointed to recent excessive bullishness toward commodities as a key reason for his bearish outlook. “When everybody thinks alike, I become very defensive,” Faber continued. “I’m deferring any new purchases of the beneficiaries of the inflation trade, except for gold.”
Faber did not provide a specific gold price target, however. - in GoldAlert
Related: SPDR Gold ETF (GLD), IShares Silver ETF (SLV), United States Oil Fund (USO), Newmont Mining (NEM), Barrick Gold (ABX), Goldcorp (GG), Hecla Mining (HL), ProShares UltraShort S&P500 (ETF) (NYSE:SDS) , SPDR S&P 500 ETF (NYSE:SPY), iShares Russell 2000 Index (ETF) (NYSE:IWM), ProShares UltraShort QQQ (ETF) (NYSE:QID), SPDR Dow Jones Industrial Average ETF (NYSE:DIA)
Marc Faber is an international investor known for his uncanny predictions of the stock market and futures markets around the world.
