Marc Faber: Gold Is My Preferred Currency

(June 29, 2016 - by Kitco News)  

 Marc Faber, the widely followed editor of the Gloom, Boom & Doom Report, looks for the world economy to worsen and says every investor should own some gold as a result.

“This is my preferred currency,” Faber said on CNBC’s Squawk Box program.

He suggested many fund managers are reluctant to talk gold since they missed the big rise in the precious metal over the last few months, particularly after many investment-bank analysts were calling for further weakness as 2015 wound down. Faber also referred to many markets as essentially “manipulated” by central banks, such as bonds and foreign-exchange rates.

This makes it difficult to gauge how currencies will move in the long term, Faber said. However, he continued, he considers investment in one currency to be a “no-brainer” in an environment of central banks printing money, and that currency is gold.