“I have been very positive about gold and I still accumulate gold every month.” says Marc Faber in a wide-ranging interview with Bloomberg. “But I think that we had an intermediate peak at $1921 on September 6 of last year. Then we dropped sharply to $1,522 an ounce on December 29, 2011. Since then we’ve had a feeble recovery. I would call that very feeble. And I think that the correction period is not yet over. I’m not selling my gold because I don’t trust governments and I don’t trust the Federal Reserve, nor would I trust the ECB and the other money traders in the world. They are all going to print money. So I still recommend to hold gold.”
More from Faber in an interview with CNBC, in which he predicts that “Somewhere down the line we will have a massive wealth destruction that usually happens either through very high inflation or through social unrest or through war or credit market collapse.”
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