Marc Faber: Currencies to Collapse against Precious Metals, Investors Must Diversify (Podcast)
MONEYMETALS.COM
APRIL 19, 2019
Welcome to this week’s Market Wrap Podcast, I’m Mike Gleason.
Coming up the one and only Marc Faber joins me for a tremendous conversation on debt, the global economy and the future of the dollar. Marc tells us how much he believes the average investor should have in gold and silver right now and reveals which precious metal he favors most going forward. Don’t miss a must-hear interview with Marc Faber, Dr. Doom, coming up after this week’s market update.
Well, the gold market finally broke away from the $1,300 level, where it had been ranging for several weeks. Unfortunately for the bulls, it broke to the downside.
Gold hit a slight new low for the year on Thursday. With the markets closed today for Good Friday the gold spot price will end the week at $1,276 per ounce, registering a 1.2% weekly decline.
Although gold is showing some technical weakness, it is not seeing a massive liquidation in the futures markets.
However, the embattled government of Venezuela did dump another 9 tons of its dwindling gold reserves onto the market. Apparently, Venezuelan officials found a viable way to skirt economic sanctions on their gold after billions of dollars worth of the yellow metal was frozen by the global banking system at the behest of the United States government.
In executing the latest sale of gold, the Venezuelans likely received some assistance from the Russian government, which continues to add to its gold reserves at a breakneck pace. Steady central bank demand for hard money in Russia, China, and elsewhere in the Far East could put a floor underneath the gold price not far from current levels.
Turning to the white metals, they are all outperforming this week. The silver market will close the week essentially unchanged at $15.07 an ounce. Platinum is up 1.3% to trade at $907. And finally, palladium rallied 3.2% this week and now trades at $1,432.
Well, it’s not just foreign regimes that are being targeted for punishment by the U.S., but also investigative journalists. Wikileaks founder Julian Assange now awaits likely extradition to the United States for his alleged role in hacking into secret U.S. government files.
Over the years, Assange made many enemies in the deep state – first by exposing apparent war crimes in Iraq and Afghanistan. For a while, Wikileaks was viewed favorably by many on the left. But when it published damning emails ahead of the 2016 election that implicated Hillary Clinton and the Democratic National Committee in scandals, liberals suddenly became livid.
Many Republicans learned to love Wikileaks. Donald Trump himself praised Wikileaks repeatedly on the campaign trail as the damaging leaks helped sink Clinton’s poll numbers.
Now, though, President Trump is disclaiming any support for Wikileaks or Julian Assange as his administration prepares to prosecute him. The mainstream media are normally hyper-critical of any action the administration takes. But Assange has made plenty of enemies in the press, and few journalists will be willing to take the reputational risk of coming to his defense.
Many journalists are understandably embarrassed that Wikileaks came to the scene as a more credible source than establishment outlets with much larger budgets but less guts or integrity. In the Trump era, virtually all the major media companies have repeatedly pushed fake news – whether for partisan political reasons or out of desperation for ratings.
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