Marc Faber Says Hold Up Investing for 10 Days
BY PETER COOPER
July 26, 2012
With the euro-zone sovereign debt crisis coming to a head the man voted the fifth wisest investor in the world by a Bloomberg poll was advising caution over any investment in the next 10 days when he addressed the Agora Financial conference in Vancouver on Wednesday.
Dr. Marc Faber said he favored equities over bonds for the long term after that and if forced to choose a 10-year investment would prefer equities, preferably in Asia. He remains as bullish as ever on gold that he promises never to sell.
“Talk of a gold bubble is nonsense,” he said. “There is no sign of the price surge you saw with the Nasdaq bubble or oil stocks in the late 70s, or the jump in the gold price from $380 an ounce to $800 between November 1979 and February 1980.”
For US citizens Dr. Faber thinks housing is a great buy as a distressed asset in places like California, Nevada, Atlanta and Pheonix, noting that one of his friends in the business says rents are up 9% nationwide.