Wednesday, July 6, 2011

Faber Liking Gold, Silver Says to Keep Accumulating Gold - Bloomberg

Marc Faber Likes Gold, Silver June 23 (Bloomberg) -- Marc Faber, publisher of the Gloom, Boom & Doom report, talks about his investment strategy and the outlook for global financial markets. Faber speaks with Rishaad Salamat on Bloomberg Television's "On the Move Asia." (Excerpt. Source: Bloomberg)

Marc Faber, publisher of the Gloom, Boom & Doom report, said he still favors gold and silver and will keep accumulating gold, even as prices of the metals may decline in the next three months.

“I still like gold and silver,” Faber said in a Bloomberg Television interview from Hong Kong. “They will go down in the next three months or so, but I wouldn’t short them. And I keep on accumulating gold.”

Gold advanced to a record last month and is heading for its 11th year of gains, the longest winning streak since at least the 1920s. Surging bullion has lured investors, including hedge- fund manager John Paulson, as sovereign-debt woes, record-low U.S. borrowing costs, currency debasement and inflation boost the appeal of precious metals as a store of wealth.

Commodities dropped 0.8 percent today after the Federal Reserve reduced its growth and employment forecasts for the world’s biggest economy, worsening the outlook for demand. Gold for immediate delivery fell 0.1 percent to $1,547.55 an ounce at 12:42 p.m. in Singapore, which compares with the record $1,577.57 an ounce on May 2.

Cash silver has almost doubled in the past year while gold advanced 25 percent.

To contact the reporters on this story: Madelene Pearson in Mumbai at mpearson1@bloomberg.net;

To contact the reporter on this story: Weiyi Lim in Singapore at wlim26@bloomberg.net


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