Faber: “Middle East Will Go Up In Flames” … “Have To Be In Precious Metals And Equities”
Swiss money manager and long term bear Marc Faber, aka “Dr Doom”, says political risk in the Middle East has increased significantly with war between Iran and Israel “almost inevitable”, and precious metals and equities investments offer some safety.
“Political risk was high six months ago and is higher now. I think sooner or later, the U.S. or Israel will strike Iran – it’s almost inevitable,” Faber, who publishes the widely read Gloom Boom and Doom Report, told Reuters on the sidelines of an investment conference.
Brent crude traded near $123 per barrel in volatile trade on Tuesday on fears of a disruption in Iranian supplies. Israeli Prime Minister Benjamin Netanyahu showed no signs of backing away from possible military action against Iran following a Monday meeting with U.S. President Barack Obama.
“Say war breaks out in the Middle East or anywhere else, (U.S. Federal Reserve chairman) Mr Bernanke will just print even more money — they have no option…they haven’t got the money to finance a war,” said Faber.