Faber: Gold Correction, Money Printing Not Yet Over

Posted by on April 2nd 2012 in Bailout, China, Federal Reserve, General Economy, Gold, India, Monetary Policy, Short Sellers, Silver, U.S. Congress, Wall Street | Be the first to comment!

“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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